Ghana's secondary bond turnover falls 28.56% to GH₵1.56 billion as COCOBOD offer draws liquidity

Pinned summary · as of 15:52

Trading on Ghana's secondary bond market shrank by 28.56% from the previous week to GH₵1.56 billion, MyJoyOnline and The Vaultz News reported. Dealers concentrated on government paper falling due between 2031 and 2034. Attention is now shifting to a GH₵16.3 billion fundraising drive by COCOBOD.

What we know

• Compared with the week before, the value of secondary bond trades dropped by 28.56%, to GH₵1.56 billion.
• Paper due between 2031 and 2034 made up 71.30% of the value exchanged, with yields averaging 13.93%.
• Bonds due from 2027 to 2030 supplied 23.05% of turnover and yielded 12.37% on average, whereas post-2035 maturities took a 5.65% share and averaged 15.34%.
• The recently issued September 2030 bond saw GH₵5.45 million change hands, with a weighted-average yield of 11.85%.
• COCOBOD's programme totals GH₵16.3 billion. It splits into GH₵2.3 billion of amortising senior unsecured bonds with a five-year life and GH₵14.0 billion of commercial paper that matures in 270 days.
• Book building for the COCOBOD programme ran on 28 and 29 September. Allotment is set for 30 September, and the instruments are due to be issued on 1 October 2026.

What's disputed / unconfirmed

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  Databank Research forecasts a modest recovery in bond trading next week, helped by fund managers rebalancing at month-end. It also expects gains to be limited because some investors will move cash into the COCOBOD offer. This is a projection by the research house, not a reported outcome.

Why it matters for Ghana

Yields on government bonds shape what pension funds, fund managers and individual savers in Accra, Kumasi and beyond can earn on fixed-income holdings. Weaker trading at a time when a GH₵16.3 billion cocoa-sector raise is competing for the same money hints at where investor cash is heading. COCOBOD's financing also touches the purchasing chain on which cocoa farmers depend.