Ghana and Nigeria Treasury Bill auctions see high demand and significant bid rejections

In Ghana, the government raised GH¢1.92 billion through its latest Treasury bill auction held on October 30, 2026. While investors submitted GH¢2.55 billion in bids, exceeding the GH¢2.45 billion target by 4.13%, the Bank of Ghana accepted less than the sought amount. This resulted in GH¢630.21 million of bids being left unaccepted. The 91-day bill saw the highest demand, accounting for 64.13% of the total funds raised.

In Nigeria, the Debt Management Office (DMO) rejected a significant portion of investor bids during the October 28 auction. Total bids reached N1.908 trillion against an advertised offer of N800 billion, yet authorities allotted only N71.16 billion. This means investors secured less than nine percent of the amount offered. The 364-day instrument saw the strongest interest, with N1.84 trillion in subscriptions against a N600 billion offer, but only N38.38 billion was allotted.