Treasury bill yields declined for the second consecutive week in February 2026, with the 91 day bill easing 86 basis points to 9.96 percent, the 182 day falling 57 basis points to 11.81 percent, and the 364 day shedding 76 basis points to settle at 12.06 percent, as excess liquidity continues outpacing government funding needs.
On a week on week basis, yields declined across all tenors. The 91 day bill dropped by 86 basis points to 9.96 percent from 10.82 percent. The 182 day bill fell by 57 basis points to 11.81 percent from 12.38 percent, while the 364 day instrument declined by 76 basis points to 12.06 percent from 12.82 percent.
The 91 day bill garnered 6.57 billion cedis in tenders, with 2.52 billion cedis taken up, while the 182 day bill received 3.72 billion cedis in bids, out of which 1.30 billion cedis was accepted.
The 364 day bill recorded the highest demand for the third consecutive week, attracting 6.94 billion cedis in bids, of which 2.00 billion cedis was accepted.
The latest auction results mark a continuation of the downward yield trajectory that began in early February following the Bank of Ghana’s (BoG) policy rate cut. The sharp fall in yields can be attributed to excess liquidity significantly outpacing the Treasury’s funding needs. With demand exceeding the target by approximately 246 percent, downward adjustments in rates were largely expected.
Market observers note that this represents a significant shift from conditions in late 2025. In December 2025, the 91 day bill yielded around 11.09 percent, the 182 day bill stood at approximately 12.52 percent, and the 364 day bill carried rates near 12.71 percent, indicating yields have compressed substantially over recent weeks.
The decline in short term rates follows broader improvements in Ghana’s macroeconomic environment. Yield curves have shown significant compression over the past year, with four year government bonds yielding 14.80 percent in January 2026 compared with 26.22 percent in January 2025, reflecting improved macroeconomic conditions and restored investor confidence following International Monetary Fund (IMF) program implementation and successful completion of external debt restructuring under the Group of Twenty (G20) Common Framework.
The Ghana Fixed Income Market (GFIM) recorded total trading volume of 11.43 billion cedis for the week ending February 6, 2026, representing a 28.34 percent increase from the previous week’s 8.91 billion cedis as treasury bills and government bonds attracted strong institutional demand.
Treasury bills dominated weekly activity with 6.72 billion cedis in transactions, marking a 235.01 percent surge from the previous week’s 2.00 billion cedis.
The Ghana Fixed Income Market is scheduled to hold its first knowledge session of 2026 on Monday, February 10, focused on decoding market signals and positioning strategies for the new market cycle. The session will unpack recent market developments and provide insights to help participants anticipate trends in the evolving fixed income environment.
Market participants will be monitoring whether yield compression continues in coming weeks or stabilizes at current levels as liquidity conditions and government financing needs adjust.
