BoG says reopening of domestic bond market, falling T-bill yields signal renewed confidence in Ghanaian securities

On 27 August 2026 Bank of Ghana Governor Johnson Pandit Asiama said Ghana’s economic recovery has “reopened the domestic bond market,” with falling Treasury-bill yields and broader institutional participation, signalling renewed confidence in local government securities. He also said further gains — including from any sovereign ratings upgrades — are required for durable external market benefits.

If sustained, the reopening and lower T‑bill yields should primarily improve demand, liquidity and financing conditions in Ghana’s domestic local‑currency debt market, supporting local funding and potentially lowering local interest costs. Any positive spillover to Ghana’s USD Eurobond curve would remain conditional on continued macro improvements and formal sovereign rating upgrades; it is not automatic from domestic market reopening alone.

Outcomes of pending sovereign rating reviews (Moody’s/Fitch) and subsequent government securities auctions that show sustained institutional demand.