Bond market: Turnover increased sharply by 48.47% week-on-week to GH¢1.24bn

SOURCE: Joy Business

Trading activity improved on the secondary bond market last week as week-on-week turnover increased sharply by 48.47% to GH¢1.24 billion.

Trading activity concentrated more at the belly of the LCY yield curve, as the February 2033 (Coupon: 9.25%) and February 2034 (Coupon: 9.40%) papers jointly contributed more than half of the aggregate market turnover.

Bond yields increased across the board, as the average Yield-To-Maturity on the 2027-2030 papers increased to 17.36%, while the 2035-2038 advanced to 12.8%.

Analysts expect investor sentiments to continue improving in the bond market as the International Monetary Fund board approval for the first review of Ghana’s programme signals the country’s commitment to restoring macroeconomic stability.

Again, the approval of $300 million in budgetary support by the World Bank is also expected to boost investor confidence.

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