Ghana bond turnover falls 44.9% before inflation data

The 2027-2030 segment dominated turnover, accounting for 57.83% of activity at a weighted-average yield of 13.03%, while the 2031-2034 bucket took 41.69% at 14.52%. Post-2035 maturities drew little interest, contributing just 0.49% of turnover at 15.06%, underscoring a preference for benchmark tenors over very long-duration paper.

That pattern matters because the market is still pricing risk around inflation and policy rates. Lower turnover often reflects investors waiting for clearer macro signals rather than exiting the market outright, but it can also leave prices more vulnerable to sudden repositioning when data surprises.

For the government, weaker secondary-market activity can reduce liquidity and slow price discovery across the curve. For investors, the concentration in the 2027-2034 maturities suggests a market still willing to trade duration, but only where yields compensate for uncertainty over inflation and the central bank outlook.

The next test is the inflation reading, which will likely determine whether bond trading stabilizes or remains thin as investors recalibrate rate expectations.