Ghana Treasury bill market sees first undersubscription in 12 weeks

Ghana’s Treasury bill market has experienced a notable shift, recording its first undersubscription in 12 weeks. In a recent auction on September 18, 2026, investors offered GH¢3.956 billion against a government target of GH¢4.121 billion, resulting in a 4% undersubscription. While the 91-day bill saw the highest demand, the government accepted only GH¢2.212 billion of the total bids, leaving a significant financing gap.

Market turnover on the Ghana Fixed Income Market recently slipped 5.11% to GH¢6.35 billion, as Treasury bills accounted for over half of all activity. This concentration in short-dated instruments reflects a redistribution of liquidity, with trading in Domestic Debt Exchange Programme (DDEP) securities declining significantly.

Looking ahead to the second half of 2026, Databank Research forecasts that T-bill yields may rise. The 364-day bill is projected to reach as high as 14%, while the 91-day bill is expected to trade between 5.5% and 7.5%. This upward pressure is attributed to increased government funding needs, though a GH¢10.8 billion DDEP coupon payment due in August 2026 is expected to inject liquidity and support market demand.