Ghana Treasury Bills Oversubscribed, Nigeria Exceeds Borrowing Target

The Ghana government’s latest Treasury bill auction attracted GH¢12.37 billion in bids, surpassing the GH¢9.49 billion target by about 30 %. The 364‑day bill drew the most interest, with GH¢8.11 billion in bids, while yields on the 91‑day, 182‑day and 364‑day bills fell. The Bank of Ghana reported that the next auction will aim to raise GH¢5.87 billion.

In Nigeria, the Federal Government’s new borrowings rose to N12.62 trillion, exceeding the 2024 budgeted borrowing limit of N7.83 trillion by N4.79 trillion (61 %). The fiscal deficit widened to N13.51 trillion, well above the approved N9.18 trillion. Domestic borrowing stayed on target at N6.06 trillion, while foreign borrowing increased to N3.37 trillion and budget support added N3.19 trillion. Multilateral and bilateral project‑tied loans reached N1.98 trillion.