Ghana faces shortfall in Treasury bill auction targets
Ghana raised 4.76 billion cedis from treasury bills after missing its 6.82 billion cedi target by 30 percent, according to Bank of Ghana data. Authorities accepted all submitted bids as pressure builds to cover immediate expenses ahead of the November budget presentation.
The 91-day bill attracted 4.87 billion cedis, while 182-day and 364-day instruments collected 785 million and 487 million cedis, respectively. Treasury officials approved every offer despite the 2.06 billion cedi shortfall that signals weakening investor confidence after several weeks of below-target auctions.
Yields moved in different directions as the 91-day rate dropped two basis points to 10.67 percent and the 364-day bill fell five basis points to 12.87 percent. The 182-day instrument climbed to 12.46 percent as market participants awaited details about fiscal adjustments and the 2026 spending plan.
The next auction aims to collect 5.32 billion cedis this week. Analysts warn repeated funding gaps could push borrowing costs higher and strain liquidity conditions across financial markets as the year ends.
