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Can Ghana’s cooling treasury bill demand threaten fragile economic recovery?

Open market in Accra, Ghana. Photo by Benggriff - Own work, CC BY-SA 3.0
Open market in Accra, Ghana. Photo by Benggriff - Own work, CC BY-SA 3.0
  • Treasury bill auction misses target amid weakening investor appetite
  • Falling yields deepen concerns over Ghana’s domestic financing outlook

 

ACCRA, GHANAGhana’s treasury bill market has sent a cautious warning signal as investor appetite for short-term government debt begins to soften after months of relatively strong demand.

The latest primary market auction recorded total bids of GHS4.22bn against a government target of GHS4.49bn, leaving a shortfall of about GHS265.76mn — a 5.9% undersubscription that analysts say could reflect emerging unease over the country’s fiscal and macroeconomic outlook.

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