The secondary bond market is expected to sustain its recovery trajectory into 2026, supported by improving turnover and reinforced fiscal discipline.

According to Databank Research, it anticipates likely fresh bond issuance, potentially including the retap of select existing Domestic Debt Exchange Programme (DDEP) papers as part of a controlled reopening.

Disclosing in its 2026 Market Outlook, it said this should help smooth the maturity profile and ease sovereign refinancing pressures.

It stated that total domestic debt service obligations of GH¢131.8 billion over 2026 to 2028, including cumulative redemptions of around 65 billion in 2027 and 2028, present notable refinancing pressures.

It continued that the ongoing International Monetary Fund – Economic Credit Facility Programme, scheduled to conclude in June 2026, remains a key policy anchor and is expected to support yield stability as the government re-engages the bond market to meet funding requirements.

“Overall, we anticipate the market to start the year on a constructive trajectory, with the sustainability of these gains contingent on the credibility of ongoing reforms and disciplined fiscal execution”.

The secondary bond market activity picked up, with total market turnover rising 6.33% year-on-year to GH¢185.01 billion at the end of quarter 3 2025 from GH¢174 billion a year earlier.

The rebound was supported by renewed offshore participation, IMF-backed macro stability, and continued fiscal discipline. While T-bills still dominated liquidity, bond turnover improved as investor confidence deepened.