Bond market: Turnover declines by 18% to GH¢2.38bn

Ghana's secondary bond market has entered a period of consolidation, with turnover contracting sharply to GH¢2.38 billion during the latest trading week—an 18% decline from the previous period. This pullback, while modest in absolute terms, reflects broader investor caution amid persistent macroeconomic uncertainties that continue to shape fixed-income dynamics across West Africa's second-largest economy. The contraction in trading volumes comes at a critical juncture for Ghana's debt market. Having completed its Eurobond restructuring in 2023 and navigated the subsequent recovery phase, the market is now adjusting to new realities: elevated real interest rates, currency pressures, and mixed signals about the sustainability of the government's fiscal consolidation efforts. For European investors with exposure to Ghanaian sovereign debt or local-currency instruments, this volume decline warrants careful consideration. Most tellingly, market participants have abandoned broad diversification across the yield curve in favor of a concentrated play on medium-term maturities. The 2027–2030 tranche dominated activity, accounting for nearly 69% of all traded volumes at a weighted-average yield of 10.62%. This clustering suggests investors are deliberately positioning themselves in securities that offer a balanced risk-return profile—neither betting on near-term rate cuts nor committing to extended duration exposure given the uncertain macroeconomic outlook. The dominance of