The secondary bond market activity dipped, with aggregate turnover falling 46.60% week-on-week to GH¢1.25 billion last week.

The 2027-2030 maturities dominated flows, accounting for 88.77% of total turnover at a weighted-average yield of 11.25%.

The 2031-2034 segment also contributed 11.23% at an average yield of 12.35%.

Activity at the long end, particularly the 2035-2038 maturities, remained largely muted.

Notably, the newly issued 7-year 2033 bond recorded modest secondary market activity, with GH¢140.60 million traded across 18 transactions at a weighted-average yield of 12.35%.

Analysts expect the secondary market activity to remain concentrated in the front-to-belly segment of the curve.

“Looking ahead, market positioning is expected to remain cautious ahead of the 20 May 2026 MPC [Monetary Policy Committee] meeting, where we expect the Bank of Ghana to hold the policy rate. However, Fitch’s upgrade of Ghana’s sovereign rating to ‘B’ from ‘B-’ with a Positive Outlook should provide some support to investor sentiment”, said Databank Research.