Ghana's government sold 4.11bn GHS (€317mn) of Treasury bills at its November 6 auction, 15.9% above its 3.54bn GHS (€273mn) target, according to Bank of Ghana auction results. Bids totaled 5.01bn GHS (€387mn). The 364-day rate fell to 9.48% from 9.60% a week earlier, after the October 30 sale had fallen 22% short of its goal.
Analysis: Demand returned after two auctions that missed their targets. The 91-day bill took 71% of the money raised, by our calculation, suggesting investors still prefer the shortest paper. All three rates eased in the central bank's table, with the 91-day rate at 4.56% from 4.60%, although Joy Business reported a small rise. The government borrowed about 14bn GHS (€1.08bn) through short-term instruments in October, Joy Business said. The next test is larger. The November 13 auction seeks 5.57bn GHS (€430mn), 57% more than this week's target, and should show whether demand holds at that size.
Source: Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/54, results of Tender 2032 (November 6, 2026), Auction 6 Nov 2026 and Auction 30 Oct 2026 and Auction 13 Nov 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/53 (October 30, 2026), Auction 30 Oct 2026 and Auction 23 Oct 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/53, results of Tender 2031 (October 30, 2026), Auction 30 Oct 2026; Multimedia Group, Joy Business, 'T-bills auction: Government records 41% oversubscription...' (November 8, 2026), October 2026; Bank of Ghana, Bank of Ghana, Auction Results Tender 2029 (next tender target), Auction 23 Oct 2026