The Ghanaian government mobilised approximately GHS 120.2 billion from the Treasury bill market between January and April 2026, even though investors offered a substantial GH¢ 181.5 billion.
Bank of Ghana data reveals that market activity shifted through two distinct phases during this period. Between January and mid-March, robust investor appetite resulted in eleven consecutive oversubscribed auctions.
This demand reached its zenith in mid-February, when bids totalled GHS 22.67 billion against a modest target of GHS 6.42 billion.
Conditions reversed from late March through April as demand softened in response to sharply compressing yields. The market subsequently experienced six consecutive undersubscribed auctions.
A notable example was Tender 2002, where the GHS 5.31 billion tendered fell nearly 30% short of the GHS 7.57 billion target. As yields fell, investor preferences across the curve shifted significantly.
During the beginning of the year, appetite was concentrated at the longer end of the curve; the 364-day bill alone attracted GHS 15.18 billion in bids in January.
By late April, however, bids for this tenor collapsed to approximately GHS 3.12 billion as investors grew reluctant to extend duration at lower rates of return.
In the final auction of April, demand gravitated toward the 91-day bill, which saw GHS 2.8 billion in bids with GHS 2.7 billion accepted. In contrast, the 182-day bill received GHS 717.6 million in bids, of which GHS 664.4 million was accepted, while the 364-day bill attracted GHS 960.1 million with only GHS 522.5 million accepted.
The BoG data explained that the shift was primarily driven by a dramatic decline in yields.
At the start of the year, the 91-day and 364-day bills offered average yields of 11.12% and 12.93% respectively. By the end of April, these rates had plummeted to 4.92% for the 91-day bill and 10.20% for the 364-day bill, diminishing the relative appeal of Treasury instruments.
The data suggests the government utilised strong liquidity in the first quarter to front-load borrowing while rates remained higher.
As yields eased and demand cooled, the Treasury transitioned to a more disciplined issuance strategy, frequently rejecting bids even when they fell below the total submitted.
By:;Rainbowradioonline.com/Ghana
