Trading activity in the Ghanaian secondary bond market recorded a sluggish momentum last week.

According to the trading results, total market turnover plunged 74.33% to ¢112.86 million.

The drop in the market turnover was partly due to the decline in trades across the 2027-2030 maturities of the new bonds.

Notably, the front end of the Local Currency Yield (LCY) curve recorded an impressive 5.92% uptick in average price, resulting in a considerable decrease in average yields to 11.37%.

Additionally, the belly of the Local Currency Yield Curve registered a substantial decline in yields to 10.49% (-354 basis points), while the tail remained unchanged.

Ghana's economy showed resilience, expanding by 4.2% year-on-year in the first quarter of 2023, marking the 10th consecutive quarter of growth.

The Services and Agriculture sectors drove the performance, while the Industrial sector contracted.

Real Gross Domestic Product rose by 1.1% on a quarterly basis, indicating the strongest growth in five quarters.

Analysts perceive that the favourable GDP data for quarter one 2023 could drive some market activity this week.