Secondary market trading recorded a strong uptick over the past week, with aggregate turnover increasing by 43.77 per cent week-on-week to GH¢2.98 billion.

Activity was largely concentrated in the mid-section of the yield curve. Bonds maturing between 2031 and 2034 accounted for 40.5 per cent of total traded volumes at a weighted average yield of 12.43 per cent.

The 2027 to 2030 maturities also saw substantial demand, capturing 36.7 per cent of overall volumes at a weighted average yield of 11.99 per cent.

In contrast, the long end of the curve experienced relatively lower participation. Tenors spanning 2035 to 2038 contributed 22.8 per cent of total turnover and cleared at a weighted average yield of 12.81 per cent.

“We expect secondary market activity to remain soft in the near term despite rising liquidity,” Databank Research said.

The research firm noted that the GH¢376.3 million cocoa bond coupon payment due in early March 2026 is expected to inject additional liquidity into the market and provide some support for yields.

Nonetheless, it indicated that investors are likely to remain selective as they review reinvestment strategies ahead of the bond market reopening.

The Government of Ghana on Tuesday announced the reopening of the bond market to raise long-term financing.

On the other hand, a payment of GH¢10 billion in interest has been disbursed by the government under the Domestic Debt Exchange Programme (DDEP) in cash.

This marks the sixth interest payment under the programme and the second time bondholders have been paid entirely in cash. The payment follows the agreed terms outlined in the debt restructuring memorandum.

A statement from the Ministry of Finance read, “The Government of Ghana has paid GH¢10 billion in interest obligations under the Domestic Debt Exchange Programme (DDEP).

This payment marks the sixth coupon settlement under the programme and represents the second full cash payment without any Payment-In-Kind component, reflecting strengthened fiscal capacity and solvency.

“The timely payment sends a strong positive signal to domestic and international investors, reinforces market confidence, and is expected to support Ghana’s credit outlook while enhancing stability within the financial sector, including banks and pension funds”.

Last year August, the Ministry of Finance announced another successful coupon payment of GH¢9,698,815,220.17. under the Domestic Debt Exchange Programme. According to information shared on Minister of Finance Ato Forson’s X handle, the amount was paid on August 19 2025.

He wrote that, with this payment, total disbursements under the Domestic Debt Exchange Programme in 2025 alone now stands at GH¢19.4 billion.

Adding that, the payment demonstrates Government’s unwavering commitment to honouring the terms outlined in the Memorandum of Understanding signed under the exchange programme and is expected to strengthen investor confidence and support fiscal credibility.

He said, in line with the 2025 Mid-Year Fiscal Policy Review, the government has established two dedicated sinking fund accounts—a Cedi Sinking Fund Account and a US Dollar Sinking Fund Account—as mandated by the Public Financial Management Act, 2016 (Act 921), as amended.

These will provide liquidity buffers to ensure the timely redemption of loan obligations, including bonds maturing in 2026, 2027, and 2028.Mr Forson said, government has assured investors and the public that subsequent debt obligations, including DDEP obligations, will be honoured fully and on time.

Earlier this year, President John Mahama instructed the Ministry of Finance to pay all outstanding Domestic Debt Exchange Programme (DDEP) coupons and set aside funds for future payments using the Sinking Fund.Following this directive, the Ministry of Finance released GH₵6.081 billion in cash to DDEP bondholders on Monday, February 17.

In addition, GH₵3.46 billion was credited to bondholders’ securities accounts as part of a Payment-In-Kind (PIK) arrangement, following the terms of the DDEP agreement.

To improve debt management, the government also deposited GH₵9.7 billion into the Debt Service Recovery Cedi Account, also known as the Sinking Fund.

This money will help cover the next five DDEP coupon payments scheduled for July and August 2025.

President Mahama assured Ghanaians that his administration remains committed to meeting all DDEP obligations and rebuilding trust in the economy.

He added that the 2025 Budget Statement will introduce new steps to promote responsible financial management, prioritize key expenses, and improve transparency in government spending.

Despite the economic difficulties inherited from the previous government, the administration is working to stabilize the cedi, reduce inflation, and create jobs.Through careful financial planning, Mahama’s government aims to restore economic stability and ensure that public funds are used efficiently.

The Domestic Debt Exchange Programme (DDEP) is an initiative by the Government of Ghana aimed at restructuring the country's domestic debt to ensure long-term macroeconomic stability.

The DDEP concluded successfully with the issuance and settlement of new bonds, which have now been listed to serve as the new benchmark securities for the fixed income market.

Coupon and principal payments on the old bonds resumed on March 13, 2023. S&P Global Ratings acknowledged the completion of the DDEP by upgrading Ghana's local currency sovereign credit ratings from selective default (SD) to 'CCC+/C'.

The program saw a high participation rate, with the majority of eligible bonds being tendered. The government is now focusing on engaging with external creditors to ensure overall debt sustainability.