T-bills: 91-day, 364-day yields to trade slightly higher in second half of 2026
The 91-day bill is expected to trade within 5.5%-7.5% in the second half of 2026, while the 364-day bill would trade within 12.5%-14.0%. According to Databank Research, its outlook reflects the competing effects of the Treasury’s cost-containment strategy and higher funding requirements linked to upcoming obligations. It said in its 2026 Half-Year Report that active […]
In the second half of 2026, yields on 91-day and 364-day Treasury bills in Ghana are projected to experience slight increases, according to Databank Research. The 91-day bill is expected to trade within a range of 5.5%-7.5%, while the 364-day bill's yields are forecasted to vary between 12.5%-14.0%. This outlook is influenced by the Treasury's cost-containment strategy and heightened funding requirements due to upcoming obligations.
Despite active yield management aiming to prevent sharp price changes, increased financing needs are anticipated to maintain moderate upward pressure on rates throughout the period.
Currently, the yields for the 91-day and 364-day bills stand at approximately 4.9% and 10%, respectively. The financial firm predicts that domestic liquidity conditions will remain supportive in the second half of 2026, with the GH¢10.8 billion Domestic Debt Exchange Programme (DDEP) coupon payment in August providing an initial liquidity boost.
Reinvestment by banks, pension funds, and collective investment schemes should sustain demand for government securities, supporting auction coverage and secondary-market activity, particularly in Q3 2026.
However, the impact may diminish towards the end of the year as the Treasury gradually increases its presence in the domestic bond market through medium- and long-term issuances, thereby reducing reliance on short-dated T-bills. Planned debt-reprofiling and bond-buyback operations will also help retire high-cost obligations and smooth the maturity profile.
The government will continue to issue debt to build the Sinking Fund from GH¢15.6 billion to the year-end goal of GH¢30 billion and to bolster buffers before significant DDEP maturities in 2027.
Investor demand remained strong in the first half of 2026, with total bids increasing by 94.1% year-on-year to GH¢234.86 billion. The average target-cover and bid-to-cover ratios were 1.10x and 1.39x, respectively, indicating robust auction demand despite occasional fluctuations in participation.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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