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T-bills auction: Government exceeds target by 88%, interest rates tumble
August 16, 2026
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T-bills auction: Government exceeds target by 88%, interest rates tumble

Money
Policy
Opportunity
Growth

Key Points

  • The Ghanaian government exceeded its treasury bill target by 88%, attracting significant investor interest.
  • Total bids tendered amounted to GH¢11.2 billion, though the government accepted GH¢4.88 billion.
  • The 91-day bill emerged as the most patronized short-term instrument, receiving GH¢5.066 billion in bids.
  • Interest rates (yields) tumbled across the yield curve for all bill durations (91-day, 182-day, 364-day).
  • The yield on the 91-day bill dropped to 5.46%, the 182-day bill to 7.27%, and the 364-day bill to 12.50%.

Why This Matters

This indicates strong investor confidence in Ghana's short-term debt instruments, potentially signaling an improving economic outlook. Lower interest rates reduce the government's borrowing costs, freeing up funds for other critical expenditures and potentially easing inflationary pressures. It also reflects the market's perception of reduced risk in government debt.

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