June 14, 2024
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Bond market activity rebounds; turnover increases by 453%

Trading activity on the bond market rebounded sharply as total turnover jumped by 453.25% to ¢750.36 million.

This is coming following the beginning of trading of new bonds.

The new Government of Ghana bonds saw an aggregate traded volume of ¢44.47 million.

According to trading activity, the market saw very little activity in the opening days, but witnessed some volumes toward the end of the week.

There were some limited offers with no bids to match.

Analysts believe that the market will see limited activity as investors seek clarity on the valuation of the new Government of Ghana bonds due to the payment-in-kind component of the coupons.

The Ministry of Finance on February 27, 2023 said it is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by March 13, 2023.

In a statement, the Ministry, however said the newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed income market.

The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign debt market, it pointed out.

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SourceJoy Business

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