Ghana T-bill yields plunge as oversubscribed auction signals easing borrowing costs

• Government exceeds T-bill target by GH¢2.08bn ($183mn)
• Yields fall across all tenors

ACCRA, GHANA – Ghana’s treasury bill yields fell sharply last week as strong investor demand pushed subscriptions far above target, allowing the government to exceed its borrowing goal by more than GH¢2bn ($183mn).

Data released by the Bank of Ghana showed total bids for the 91-day, 182-day and 364-day Treasury bills reached GH¢25.20bn ($2.3bn) at the February 20, 2026 auction. The government had targeted GH¢9.32bn but accepted GH¢11.41bn, an over-performance of about GH¢2.08bn.