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T-bills auction: Government records 80% oversubscription for first time in 2 months; interest rates mixed
May 10, 2026
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T-bills auction: Government records 80% oversubscription for first time in 2 months; interest rates mixed

Money
Policy
Opportunity
Growth

Key Points

  • Ghana's credit rating was upgraded by Fitch to B- with a stable outlook.
  • Following the upgrade, the government's treasury bills were oversubscribed by 80% for the first time in two months.
  • The Bank of Ghana received GH¢7.8 billion in total bids for the treasury bills, accepting a little over GH¢6 billion.
  • The 91-day bill was the most subscribed, attracting GH¢5.7 billion in bids, with GH¢4.3 billion accepted.
  • Interest rates on the yield curve were mixed, with the 91-day and 364-day bill yields falling, while the 182-day bill yield increased.

Why This Matters

This development signals a significant boost in investor confidence in Ghana's economy, driven by the improved credit rating. The oversubscription of treasury bills indicates a strong demand for government securities, which can lead to lower borrowing costs for the government and help stabilize public finances. This positive investor sentiment is crucial for attracting further investments and supporting Ghana's economic recovery and growth trajectory.

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