Why Ghana’s T-bill demand is weakening and what the shift to short-term bets signals

• Government misses T-bill target by nearly 30%
• Investors shift sharply to short-term instruments

ACCRA, GHANA – Ghana’s Treasury bill market is flashing mixed signals as rising yields fail to attract sufficient demand, exposing a cautious investor base despite improving macroeconomic indicators.

The divergence between higher returns and softer appetite underscores a market adjusting to new realities after years of liquidity-driven government borrowing.