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[Treasury Hub GH @TreasuryHubGH]

In 2022, Ghana took a bold leap—restructuring its entire $63 billion public debt amidst economic headwinds. How did the nation pull off one of the fastest debt resets in modern history? Find out how Ghana rewrote its fiscal future.

https://t.co/A4qH265wNS

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Treasury Bill Auction Highlights – 08 June 2026

Strong Oversubscription Signals Renewed Investor Appetite

The latest T-bill auction delivered a notable rebound in market sentiment. Investors tendered a robust GHS 6.1 billion on Friday — smashing the GHS 5.4 billion target by approximately GHS 650 million.

This marked the first oversubscription in the past three auctions, reflecting renewed confidence and strong domestic demand for short-term government paper.

In response, the government upsized its borrowing to GHS 5.8 billion, accepting GHS 390 million above the pre-auction target.

After rolling over GHS 5.4 billion in maturities, the net issuance added GHS 457 million to the outstanding T-bill stock.

Year-to-Date, the government has now increased its short-term debt stock by a substantial GHS 23 billion.

Weighted average clearing yields climbed 45 basis points overall, with the 364-day bill leading the repricing, surging 38 basis points.

This upward shift in the short-end of the curve underscores tightening liquidity conditions and investors’ demand for higher compensation amid the current macro backdrop.

Looking Ahead
The next auction is set for an ambitious GHS 7.42 billion target against GHS 7.3 billion in maturities — setting the stage for another test of market absorption capacity.

Bottom line: A clear oversubscription with yield pressure — a classic tale of strong demand meeting fiscal supply in a repricing environment.

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Treasury Bill Auction Highlights – 08 June 2026

Strong Oversubscription Signals Renewed Investor Appetite

The latest T-bill auction delivered a notable rebound in market sentiment. Investors tendered a robust GHS 6.1 billion on Friday — smashing the GHS 5.4 billion target by approximately GHS 650 million.

This marked the first oversubscription in the past three auctions, reflecting renewed confidence and strong domestic demand for short-term government paper.

In response, the government upsized its borrowing to GHS 5.8 billion, accepting GHS 390 million above the pre-auction target.

After rolling over GHS 5.4 billion in maturities, the net issuance added GHS 457 million to the outstanding T-bill stock.

Year-to-Date, the government has now increased its short-term debt stock by a substantial GHS 23 billion.

Weighted average clearing yields climbed 45 basis points overall, with the 364-day bill leading the repricing, surging 38 basis points.

This upward shift in the short-end of the curve underscores tightening liquidity conditions and investors’ demand for higher compensation amid the current macro backdrop.

Looking Ahead
The next auction is set for an ambitious GHS 7.42 billion target against GHS 7.3 billion in maturities — setting the stage for another test of market absorption capacity.

Bottom line: A clear oversubscription with yield pressure — a classic tale of strong demand meeting fiscal supply in a repricing environment.

[Treasury Hub GH @TreasuryHubGH]

@Kwadwolarbi150

[Treasury Hub GH @TreasuryHubGH]

https://t.co/18RQgsBxDh

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Weak Demand and Rising Yields Mar June’s First T-Bill Auction

The Government of Ghana opened the month’s issuance calendar targeting GHS 5.89bn to refinance GHS 5.66bn maturities — but investors showed clear reluctance.

Demand fell short as participants tendered only GHS 4.92bn, resulting in a notable under-subscription.

Bids came in aggressively 78 basis points higher than the prior week, forcing the government to accept GHS 4.87bn while also shifting the upper accepted bands up by 61bps.

Weighted average clearing yields rose 17bps across the curve — underscoring mounting pressure at the short end.

Compounding the strain, the Bank of Ghana aggressively sterilized the system this week, mopping up GHS 9.8bn in liquidity by issuing GHS 50.12bn against GHS 40.30bn maturities.

This heavy liquidity withdrawal largely explains the subdued investor turnout at the GoG auction.

Next auction ahead:
Target: GHS 5.44bn
Maturities: GHS 5.37bn

Is this the start of a tougher funding environment, or a temporary liquidity squeeze?  Market participants — what are you seeing?

#GhanaFixedIncome #TreasuryBills #RisingYields #LiquidityCrunch #MonetaryTightening #FrontierMarkets #DebtIssuance

[Treasury Hub GH @TreasuryHubGH]

@Kwadwolarbi150 Hello @Kwadwolarbi150, thanks for the feedback. Very much appreciated

[Treasury Hub GH @TreasuryHubGH]

https://t.co/A3RoNqXLT6

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Government of Ghana Treasury Bill Auction Results 18May2026

Despite a strong auction with robust investor participation, evidenced by total bids tendered of GHS 5.8bn against a GHS 4.3bn issuance target (representing a bid-to-cover ratio of approximately 1.35x), yields increased by 29 basis points across the money market curve, signaling upward pressure on borrowing costs.

The Government successfully issued GHS 5.5bn, fully refinancing the GHS 4.2bn in maturing securities while exercising selectivity by rejecting GHS 323mn in non-competitive or unattractive bids.

This transaction brings cumulative Treasury bill issuance for the year to GHS 137bn against GHS 114bn in maturities, resulting in net T-bill issuance of +GHS 23bn.

At the upcoming auction, the Government targets raising GHS 4.5bn to cover GHS 4.4bn in upcoming maturities, implying a modest net positive rollover of GHS 100mn.

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Government of Ghana Treasury Bill Auction Results 18May2026

Despite a strong auction with robust investor participation, evidenced by total bids tendered of GHS 5.8bn against a GHS 4.3bn issuance target (representing a bid-to-cover ratio of approximately 1.35x), yields increased by 29 basis points across the money market curve, signaling upward pressure on borrowing costs.

The Government successfully issued GHS 5.5bn, fully refinancing the GHS 4.2bn in maturing securities while exercising selectivity by rejecting GHS 323mn in non-competitive or unattractive bids.

This transaction brings cumulative Treasury bill issuance for the year to GHS 137bn against GHS 114bn in maturities, resulting in net T-bill issuance of +GHS 23bn.

At the upcoming auction, the Government targets raising GHS 4.5bn to cover GHS 4.4bn in upcoming maturities, implying a modest net positive rollover of GHS 100mn.

[Treasury Hub GH @TreasuryHubGH]

@_edemkojo See below a more elaborate data point on the Target vs Issuance vs Tendered bids etc.

The past couple of months have seen poor auction turnout, but last week provided a glimmer of hope. Let's see if it continues.

[Treasury Hub GH @TreasuryHubGH]

@_edemkojo Exactly! It is always good to provide some context and extra colour on the numbers.

[Treasury Hub GH @TreasuryHubGH]

This was to re-finance the GHS 22bn worth of maturities.

So net GHS 3bn has been released back into the market

[NorvanReports @NorvanReports]

BoG Mops Up GH¢19.06bn Through 14-Day Bills https://t.co/Nb0mAkkF2w #norvanreports @thePOE_T @Joe_Jackson_GH @DodooSnr @norvan986 @StockmanNigeria @Centre4EconsSvy @gyaigyimii @quame_age @thebankofghana @TreasuryHubGH @BankersGhana

[Treasury Hub GH @TreasuryHubGH]

Indeed, from Jan to Apr 2026, government has issued a total GHS 120bn to refinance GHS 101bn worth of maturities, which culminated into FRESH DEBT of GHS 18.8bn.

Also, government's budget on financing always talks about "FRESH ISSUANCES".

That said, it is also true that the MoF and BoG (via OMO Bills) have heavy uptake for their various securities based on the perceived risks/liquidity inherent in those.

For us, we believe the first step to ensure a surge in the private sector credit is for BoG to scale back on its aggressive uptake in OMO bills (currently GHS 80bn), and then the MoF slows down its Tbill intake as well. Then we can have investors look to finance the private sector either via Corporate bonds and equity listings - like @Kasaprekogh is looking at doing.

[Treasury Hub GH @TreasuryHubGH]

@NanaQuequ @GameliMartey Oh yeah. A significant drop on that front

[Treasury Hub GH @TreasuryHubGH]

@NanaQuequ @GameliMartey Currently, OMO rates (10.50%) are higher than 91-day govies (4.88%), and private sector credit/GRR (10.03%). So banks see these OMOs as optimal + risk free whilst preserving capital (zero impairments on OMOs)

[Edem Kojo, MASSCI 🤝 @_edemkojo]

Although Ghana's T-bill auction was oversubscribed for the first time in eight weeks and 91-day bill rate fell, investors are demanding more compensation at the long end.

Issue 001 of The Accra Analyst explains why and more from the market this week. Link in first comment.

[Treasury Hub GH @TreasuryHubGH]

@NanaQuequ Absolutely. We shall keep you posted

[Treasury Hub GH @TreasuryHubGH]

🇬🇭 Treasury Auction – Strong Recovery with Improved Market Sentiment

》In a clear sign of recovery in domestic debt market appetite, tendered bids surged to GHS 7.8 billion, marking the highest level since 16 March 2026 when bids reached GHS 8.7 billion.

》The auction recorded a strong bid-to-cover ratio of 1.8× against the GHS 4.3 billion target — the first time tendered bids have consistently exceeded the target over seven consecutive weeks.

》This sustained oversubscription reflects returning investor confidence and ample liquidity conditions in the banking system.

》The Government exercised prudent selectivity by rejecting GHS 1.74 billion of bids, the largest single-day cut since 9 March 2026.

》Ultimately, it issued GHS 6.0 billion, comfortably refinancing the GHS 4.4 billion in maturing bills while exceeding its original target of GHS 4.3 billion. This resulted in a net positive cash take of approximately GHS 1.6 billion, helping to build a fiscal buffer.

》The impressive auction performance followed the Bank of Ghana’s injection of GHS 5 billion in liquidity earlier in the week, after the central bank had issued only GHS 39.8 billion against GHS 44.8 billion in maturities.

》This liquidity support eased system-wide funding pressures and encouraged stronger participation. Overall, weighted average yields eased by 4 basis points, while investors lowered their upper bid rates by a notable 33 basis points, signalling improved price discovery and reduced risk premium demands.

》Next Auction Outlook: Target remains GHS 4.3 billion against lower maturities of GHS 3.75 billion. With reduced rollover pressure and continued liquidity support, the stage is set for potential further yield compression if demand momentum persists.