Ghana’s treasury bill squeeze: what rising yields and missed targets mean to investors

• Ghana misses T-bill targets for fifth straight week
• Investors pile into short-term bills as yields climb

ACCRA, GHANA – Ghana’s treasury bill market is flashing mixed signals as persistent undersubscriptions meet rising yields, revealing a tightening liquidity environment and shifting investor strategy.

The latest auction data from the Bank of Ghana shows total bids of GHS4.4bn (about $290mn) against a target of GHS4.8bn ($316mn), leaving an 8.2% shortfall. It is the fifth consecutive week the government has missed its borrowing target — a pattern that is beginning to shape market expectations.