Ghana T-bill auction heavily oversubscribed; government accepts GHS6.5bn as yields compress
On 28 August 2026 Ghana’s weekly T‑bill auction drew GHS12.3bn in bids but the government accepted only GHS6.5bn (target GHS5.147bn), rejecting about GHS5.8bn; weighted average yields fell notably (364‑day cleared near 10.77–10.78%), signaling short‑end yield compression.
The desk brief
On 28 August 2026 Ghana’s weekly T‑bill auction drew GHS12.3bn in bids but the government accepted only GHS6.5bn (target GHS5.147bn), rejecting about GHS5.8bn; weighted average yields fell notably (364‑day cleared near 10.77–10.78%), signaling short‑end yield compression.
Strong oversubscription and the authorities’ decision to cap accepted bids amid ample liquidity should keep short‑end yields under downward pressure, easing near‑term domestic refinancing costs. However, this is a domestic T‑bill result; it does not change Ghana’s external Eurobond rollover or sovereign external funding risks, which remain separate.
Next weekly T‑bill auction (target GHS6.5bn against maturities GHS4.6bn).
Sources & verification
Developing storyFurther independent confirmation is required.
- T-Bill Market Ends August With GH¢12.3bn Investor Demandsweetfmonline.comSource published (opens in a new tab)
- Results of GOG Tender 1698bog.gov.gh (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 202997.0007.438%
- Ghana 30Jan 203088.7507.374%
- Ghana 35Jul 203588.1258.224%
- Ghana 37Jan 203754.6258.460%
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