Ghana auction sees strong T‑bill demand; 364‑day yield falls to about 10.77% as government selectively accepts bids
On 30 August 2026 Ghana’s Treasury bill auction drew GH¢12.3bn of bids and the government accepted roughly GH¢6.5bn, with the 364‑day weighted‑average yield falling to about 10.77–10.78% (a c.82bps drop), easing short‑term refinancing costs while leaving much demand rejected.
The desk brief
On 30 August 2026 Ghana’s Treasury bill auction drew GH¢12.3bn of bids and the government accepted roughly GH¢6.5bn, with the 364‑day weighted‑average yield falling to about 10.77–10.78% (a c.82bps drop), easing short‑term refinancing costs while leaving much demand rejected.
The selective acceptance of bids amid ample liquidity likely lowers immediate domestic rollover costs by reducing the one‑year clearing yield. However, because the move is concentrated in short‑dated T‑bills and government rejected a large share of demand, this result is not definitive proof of a sustained decline across Ghana’s long‑duration sovereign curve; bond yields and external financing conditions will determine broader transmission.
Next Treasury bill auction and official issuance/acceptance targets for early September (target GH¢6.5bn).
Sources & verification
Developing storyFurther independent confirmation is required.
- T-bills: Government exceeds target by 139%, interest rates tumble - MyJoyOnlinemyjoyonline.comSource published (opens in a new tab)
- T-Bill Market Ends August With GH¢12.3bn Investor Demandsweetfmonline.comSource published (opens in a new tab)
Public references supporting this brief.
Price Discovery
Ghana sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Ghana 29Jul 202997.7506.883%
- Ghana 30Jan 203089.7506.738%
- Ghana 35Jul 203590.1257.775%
- Ghana 37Jan 203756.0638.163%
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