Ghana’s government mobilised approximately GHS120.2 billion from the Treasury bill (T-bill) market between January and April 2026, accepting a fraction of the GHS181.5 billion offered by investors as the Treasury prioritised lower borrowing costs over volume.
Data from the Bank of Ghana (BoG) shows the market moved through two distinct phases over the period, reflecting a deliberate shift in the government’s borrowing posture as liquidity conditions evolved.
From January through mid-March, strong investor appetite produced 11 consecutive oversubscribed auctions. Demand peaked in mid-February, when total bids reached GHS22.67 billion against a target of GHS6.42 billion, as investors competed aggressively for higher-yielding short-dated government paper.
The environment changed sharply from late March into April. Yields compressed significantly, triggering six consecutive undersubscribed auctions. The most pronounced shortfall occurred at Tender 2002, where bids of GHS5.31 billion fell nearly 30 percent below the GHS7.57 billion target.
Investor preferences shifted along the maturity curve as rates declined. In January, the 364-day bill attracted GHS15.18 billion in bids. By the end of April, demand for the same instrument had collapsed to approximately GHS3.12 billion, as investors grew unwilling to lock in capital at compressed yields over longer durations.
In the final auction of April, demand concentrated at the short end. The 91-day bill attracted GHS2.8 billion in bids, with GHS2.7 billion accepted. The 182-day bill drew GHS717.6 million in bids, with GHS664.4 million accepted. The 364-day bill attracted GHS960.1 million in bids, of which the Treasury accepted only GHS522.5 million.
The yield environment shifted dramatically across the review period. The 91-day bill opened the year at an average yield of 11.12 percent and closed April at 4.92 percent. The 364-day bill fell from 12.93 percent to 10.20 percent over the same span.
Analysts note the pattern points to a front-loading strategy in the first quarter, when the government leveraged strong demand and relatively elevated rates. As conditions softened, the Treasury shifted to a more disciplined issuance posture, frequently rejecting bids to contain interest cost rather than meet auction targets in full.
