The secondary market activity strengthened over the week, with aggregate turnover rising by 43.77% week-on-week to GH¢2.98 billion.

Trading remained skewed toward the belly of the curve, with the 2031–2034 maturities accounting for 40.5% of total volumes at a weighted-average yield of 12.43%.

The 2027–2030 segment captured a further 36.7% of traded volumes at a weighted-average yield of 11.99%.

In contrast, activity at the long end was relatively subdued, with the 2035–2038 tenors contributing 22.8% of total turnover at a weighted average yield of 12.81%.

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

The GH¢376.3 million cocoa bond coupon payment due in early March 2026 should inject additional cash into the system and help anchor yields.

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

The Government of Ghana yesterday announced the opening of the bond market to raise long term financing.