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In 2022, Ghana took a bold leap—restructuring its entire $63 billion public debt amidst economic headwinds. How did the nation pull off one of the fastest debt resets in modern history? Find out how Ghana rewrote its fiscal future. linkedin.com/posts/treasury…

🇬🇭 Ghana T-Bill Auction Update – End of Q1 2026 The final Treasury Bill auction for Q1 2026 saw the government raise GHS 3.2 billion from total bids of GHS 3.9 billion, primarily to refinance GHS 3.6 billion in maturing bills. Although bids fell short of the GHS 4.9 billion target, the government rejected approximately GHS 705 million worth of bids in a deliberate move to keep short-term funding costs in check. Yields rose sharply on a week-on-week basis by 48 basis points — the largest single-week increase recorded this year. With this auction, total government borrowing through T-bills in March reached GHS 29 billion, lower than the GHS 38.5 billion raised in February and GHS 36 billion in January. Year-to-Date Highlights: Net T-bill borrowings stand at +GHS 21 billion. Total outstanding T-bill debt stock now stands at GHS 140 billion. Looking ahead, the government is set to issue a fresh 7-year domestic bond (maturing April 2033) next week — marking its first competitive cedi-denominated bond issuance since 2022. Investor preference has recently shifted strongly toward the Bank of Ghana’s 14-day OMO Bills, with outstanding stock reaching GHS 77.5 billion as of 30 March 2026. Market participants will be closely watching how the upcoming GHS 31 billion in OMO Bill maturities are rolled over, especially ahead of the new bond issuance. Next Week’s Auction: Target: GHS 4.7 billion | Maturities: GHS 2.5 billion

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Eid Mubarak, Treasury Hub GH family! To all our followers, treasury pros, and investors across Ghana — may this blessed Eid bring you peace, joy, barakah, good health, and prosperity in your finances and careers. Thank you for riding with us through the markets and insights. Let’s keep growing stronger together.Taqabbalallahu minna wa minkum! #EidMubarak #Eid2026 #TreasuryHubGH

@GameliMartey We saw glimpses last week. It was just a matter of time. Now, let's see how GoG reacts after the Eid holidays

Great points. Absolutely aligned. Two things gave me signals that this would happen: (1) The tightening liquidity as banks reverted to OMO bills (2) The surprising sharp delta between gross target (GHS5.0bn) and maturities (GHS 3.4bn) unlike the closeness btwn the two previously

🇬🇭 Government of Ghana Treasury Bill Auction Results 》Tight GHS liquidity is back in the driver’s seat — and yields are responding. Heightened cedi liquidity pressures pushed T‑bill yields higher by ~33bps, as government raised GHS 3.3bn, culminating into a weak 0.65x cover versus the GHS 5bn target. 》Demand was notably subdued: Tendered bids settled at GHS 3.7bn, only marginally above the GHS 3.4bn worth of maturities, underscoring investor caution and stretched system liquidity. 》This marks the poorest auction outcome this year, with bids at their lowest level for the year — and for the first time in 2026, tendered bids fell short of the target. 》Investor preference has clearly shifted. Liquidity has gravitated toward Bank of Ghana OMO bills, which saw a hefty GHS 30.4bn in combined issuance, as market participants position defensively amid concerns over Gulf region geopolitical tensions and their potential spillover into inflation and rate expectations. 》Outlook: With GHS liquidity conditions remaining tight, we expect continued upward pressure on T‑bill yields in the near term. 》Next Auction Watch: Target: GHS 4.9bn | Maturities: GHS 3.6bn #FixedIncome #GhanaMarkets #LiquidityConditions #TreasuryBills #MonetaryPolicy #Rates #InvestorSentiment #GFIM

@datanfan96 @GameliMartey 💯

@TreasuryHubGH @GameliMartey Banks chasing yield in OMOs is understandable. But when capital stays parked instead of reaching productive sectors, Ghana's economy loses. We need policy alignment to fix this.

Given d ultra-low T-bill rates, banks hv increased exposure to OMO bills Outstanding holdings in OMO bills rose to GH¢83.4bn as of 16-Mar-26, a consistent rise from GH¢76bn on 4-Mar-26 Yesterday, GH¢13.9bn matured but banks rolled over all maturities & added GH¢5.5bn on top.

@saliva1980 Thank you

@TreasuryHubGH Good work and great insights 👍👏👏 @TreasuryHubGH

🇬🇭 Government of Ghana Treasury Bill Auctions Results - 16March2026 》Investor participation softened further, with total bids easing to GHS 8.7bn — the weakest turnout since 05 Jan 2026, when tenders came in at GHS 4.7bn. 》For the first time this year, government issuance (GHS 7.99bn) undershot both its auction target (GHS 8.1bn) and maturing obligations (GHS 8.0bn). While bids still exceeded the target, the margin narrowed sharply to just GHS 606m, the lowest excess cover recorded this year. 》Yields generally trended lower, compressing by an average of 8bps. However, the 364‑day bill bucked the trend, edging 6bps higher, reflecting sustained investor caution amid potential inflationary risks and heightened geopolitical tensions in the Gulf region. 》In a bid to contain borrowing costs — and despite the muted demand — government rejected GHS 746m worth of bids, reinforcing its commitment to pricing discipline. 》Next auction:Target set at GHS 5.0bn against maturities of GHS 3.4bn. #FixedIncome #TreasuryBills #GhanaMarkets #DebtMarket #MacroView #Rates #InvestorSentiment

@NanaK_Baidoo True

@TreasuryHubGH Only way banks survive now is NIR 🤌🏽

🇬🇭 Ghana T‑Bills Rally Continues | Auction Results – 09 Mar 2026 》The bullish momentum in the Ghana money market stayed firmly intact as Treasury bill yields compressed sharply across the curve. 》Yields collapsed by a cumulative 158bps, with the 91‑day bill sliding to 4.83% (from 5.32%), the 182‑day easing to 6.31% (from 6.98%), and the 364‑day declining to 9.35% (from 9.76%) — clear evidence of aggressive repricing and sustained demand for risk‑free assets. 》Supply was comfortably absorbed. Against GHS 5.6bn in maturities, government raised GHS 6.14bn, achieving 108% cover of the GHS 5.68bn target and reinforcing the market’s appetite for sovereign paper. 》 Bid volumes softened, with total tenders at GHS 10.7bn, the lowest turnout since 19 Jan 2026 and well below the ~GHS 18bn average seen over the last six auctions — as investors diversify away from GoG bills. 》Year‑to‑date issuance now stands at GHS 90bn versus GHS 68bn in maturities, translating into a net T‑bill stock expansion of GHS 21.5bn, highlighting continued reliance on the short end for funding. 》Pricing discipline tightened on both sides: investors cut their upper‑band bids by 97bps WoW, while government lowered its accepted upper bands by an even steeper 142bps, accelerating the downward yield trajectory. 》Next stop: Upcoming auction targets GHS 8.1bn against GHS 8.0bn in maturities — all eyes on whether the rally still has legs. #FixedIncome #MoneyMarkets #TreasuryBills #GhanaMarkets #YieldCompression #Macro #Liquidity #Rates #SovereignDebt

@kwamecomfire Higher interest rates, partly accounted for the default. So, all things equal, these low interest rate should make debt levels sustainable

@TreasuryHubGH Investors accepting 4.83%? They get heart. Just pray DDEP part 2 no dey wait around the corner.

@cool_kelvin20 The sheer size of tendered bids provides further room for more ease in yields

@TreasuryHubGH Yet there’s still oversubscription!! How further down will it go?

@DebrahDompreh Very wild

@TreasuryHubGH 91@4.82🤣

@KwekuOnX @_edemkojo The immediate impact is for corporate loans to become relatively cheaper. Inflationary risk will be more apparent when the excess cash is not funneled into productive ventures. Then the classic "more money chasing fewer goods" will happen

@_edemkojo @TreasuryHubGH What does this mean for private borrowing, does this increased liquidity affects the banks inflation outlook ?

91-day bill's interest rate at 5.2% per annum is wild wild. This effectively means after 91 days your accrued interest is 1.3%. Simply put, if you gave government 100ghc last Friday, in 91 days you would be receive GHS 101.30 Government is currently borrowing at historical lows.

@_edemkojo Dropping those stats here for a broader view

The infrastructure bonds will come later this year. Maybe for a 10 year tenor. But on the interesting times, I think there is something this auction result tell that many may not see. Although government wanted 5.8bn it took nearly 3bn more, unlike last week where the variance between target and accepted bids wasn't significant. Has government's projection and analysis pointed to the likelihood rates may not fall any lower than the lower bid band of 4% hence the need to take advantage of the low cost of borrowing as early as possible?

@bigmitch01_ Phenomenal

5.32% for 91 days is crazy

@yournight_maree Very wild, and might go further down at the next auction

5.32 after 91 days is wild man