Investors kept pulling away from Ghana’s treasury market even after Finance Minister Dr. Cassiel Ato Forson unveiled the 2026 budget. The Bank of Ghana’s latest auction results showed the government missed its borrowing target again.
Total bids amounted to GH¢3.94 billion, but only GH¢3.83 billion were accepted, falling short of the GH¢5.67 billion target. The 91-day Treasury bill dominated bids, accounting for over 77%—with GH¢3 billion tendered and GH¢2.9 billion accepted.
For the 182-day bill, GH¢613.2 million was tendered, and GH¢608.2 million accepted. The 364-day bill saw GH¢257.1 million tendered and about GH¢254 million accepted.
Interest rates kept rising along the yield curve, signalling increased risk or funding costs in the market. The 91-day bill yield rose 10 basis points to 11.02%, and the 182-day bill yield edged up to 12.66% from 12.61% last week. Only the 364-day bill yield declined by 7 basis points to 13.08%.
SecurityBids Tendered (GH¢) Bids Accepted (GH¢)
91-Day Bill 3.07 billion 2.97 billion
182-Day Bill 613.27 million 608.27 million
364-Day Bill. 257.13 million 254.13 million
Total 3.94 billion 3.83 billion
Target 5.67 billion
This ongoing investor pullback highlights challenges in the treasury market despite the government’s budget efforts.
Story by: Mercy Addai Turkson #ahotoronline.com