- Treasury bill yields rise across the curve as latest auction clears GH¢5.11bn
Ghana’s domestic fixed-income market opened the week with a clear signal from the treasury curve: funding remains available, but increasingly at a higher price.
At Tender 2002 on April 13, 2026, the government recorded total bids of GH¢5.31 billion, of which GH¢5.11 billion was accepted. Demand was again heavily concentrated at the short end of the market, with the 91-day treasury bill accounting for GH¢4.43 billion of accepted bids, far ahead of the 182-day bill’s GH¢521.96 million and the 364-day bill’s GH¢162.59 million.
That pattern reinforces a now-familiar investor preference for shorter-dated government paper, even as yields continue to adjust upwards. The latest auction recorded a broad-based rise in rates across all the treasury bill tenors on offer. The 91-day bill climbed to 4.91 per cent from 4.82 per cent the previous week, the 182-day bill rose to 6.78 per cent from 6.71 per cent, and the 364-day bill advanced to 9.98 per cent from 9.84 per cent.
In practical terms, the move suggests that while appetite for government paper remains firm, investors are demanding better returns, particularly as macro and liquidity conditions continue to shape pricing expectations. The rise in the one-year bill is especially notable, pushing it closer to the psychological 10 per cent mark and widening the cost of locking in funds for longer.
The auction breakdown also highlights just how dominant the short bill remains in Ghana’s money market. Of the total amount raised, the 91-day bill contributed 87 per cent, compared with 10 per cent for the 182-day instrument and just 3 per cent for the 364-day bill. That composition suggests investors are still reluctant to extend duration aggressively, preferring flexibility at the front end of the curve.
Looking ahead, Tender 2003 is projected to target GH¢4.89 billion, about 35.4 per cent lower than the previous auction’s offer size. The next issuance, scheduled for April 17 with settlement on April 20, will again comprise 91-day, 182-day and 364-day treasury bills.
The broader fixed-income backdrop remains robust. March 2026 market data in the same report show total GFIM volume of 35.84 billion, up 77.13 per cent from March 2025, while value traded rose 99.60 per cent year on year to GH¢32.59 billion. For now, then, Ghana’s fixed-income market is still attracting liquidity but the latest auction makes clear that government borrowing is becoming incrementally more expensive.
