Ghana and Kenya report mixed results in recent Treasury bill auctions

In Ghana, the government rejected GH¢873.94 million in Treasury bill bids during its October 23 auction. While investors tendered GH¢4.27 billion against a target of GH¢3.80 billion, the Treasury accepted only GH¢3.39 billion. This decision to reject bids was driven by pricing discipline, as investors sought higher discount rates than the government was willing to accept. Consequently, yields for 91-day, 182-day, and 364-day bills declined.

In Kenya, the Central Bank of Kenya (CBK) accepted KSh 28.79 billion out of KSh 28.83 billion in bids during its latest weekly auction. This represents a 57.9% week-on-week decrease in demand for short-term government paper. Yields across all three maturities declined, with the 91-day rate falling below the 8.75% Central Bank Rate to its lowest level since June 2026. The CBK allocated KSh 14.3 billion to 91-day bills, KSh 7.7 billion to 182-day instruments, and KSh 6.8 billion to 364-day bills.