Ghana Financial Markets: T-Bill Demand Surges by 33% as S&P Affirms Stable Credit Rating

Ghana’s financial landscape is navigating a period of cautious optimism, marked by a significant resurgence in investor demand for Treasury bills and a stable sovereign credit rating from S&P Global. At the latest primary market auction, Treasury bill bids surged to GH¢3.66 billion, exceeding the government’s GH¢2.75 billion target by 32.9%. This rebound, which follows a prior undersubscription of 4%, comes as yields across all maturities continue to decline, with the 91-day bill falling to 4.67%. Analysts attribute this renewed interest to the government’s softer borrowing targets and a persistent appetite for short-term government securities amidst ongoing economic reforms. For the next auction, the government is targeting a more modest GH¢2.24 billion.

Complementing this domestic demand, S&P Global has affirmed Ghana’s long- and short-term sovereign credit ratings at ‘B-/B’ with a stable outlook. The agency highlighted the expansion of the gold sector and the ongoing International Monetary Fund (IMF) program as critical pillars supporting the economy’s resilience. However, the report also warned of persistent fiscal pressures, including high debt-servicing costs and contingent liabilities from state-owned enterprises (SOEs). While the expansion of gold exports has bolstered foreign reserves, S&P noted that a downgrade could occur within the next 12 to 18 months if the government faces challenges in refinancing maturing debt or if fiscal deficits worsen.

In contrast to the buoyant Treasury bill market, the secondary bond market experienced a significant slowdown, with trading turnover dropping by 28.56% to GH¢1.56 billion. Activity was largely concentrated in the 2031-2034 bond segment, which accounted for over 70% of the total turnover with an average yield of 13.93%. Market experts, including Databank Research, suggest that liquidity is being redirected toward the Ghana Cocoa Board’s (COCOBOD) massive GH¢16.3 billion issuance program scheduled for late September and early October. Meanwhile, the Ghanaian Cedi has faced fresh pressure on the forex market, with selling rates reaching GHS12.20 at forex bureaus as of September 28, 2026, reflecting a slight depreciation against the US dollar.

On the regulatory and policy front, the Securities and Exchange Commission (SEC), in collaboration with the Economic and Organised Crime Office (EOCO), has intensified efforts to protect investors by shutting down Nyak-City Hostels Limited. The firm was found to be operating an unlicensed "Treasury Hostel Investment" scheme promising returns over 60 years. Simultaneously, the Bank of Ghana has sought to maintain calm following the launch of its new Heritage Series banknotes, clarifying that existing currency remains legal tender and will circulate indefinitely alongside the new notes without a deadline for exchange. These actions underscore a broader push for financial discipline and transparency as the country strives for long-term economic stability under the current administration.