Ghana misses treasury bills target as investor appetite weakens

The government of Ghana missed its treasury bills borrowing target for the first time in over two months. According to Bank of Ghana auction data, the government aimed to raise GHS 4.1 billion but accepted only approximately GHS 1.8 billion in bids.

Investor appetite was notably weak for longer-dated debt. While the 91-day bill remained popular, attracting GHS 2.28 billion in bids, the 364-day bill saw a significant gap between demand and acceptance; GHS 1.2 billion was tendered, but only GHS 110.52 million was accepted by the government.

On the Ghana Fixed Income Market (GFIM), trading turnover reached GH¢1.24 billion on September 18, 2026. Treasury bills dominated the market, accounting for 61.13% of the total volume, followed by Domestic Debt Exchange Programme (DDEP) bonds at 31.76%. The activity reflects a market preference for shorter-duration instruments and high liquidity.