Treasury Bill Auctions Overbooked in Accra and Abuja: 91-Day Sovereign Yields Ease as Domestic Institutional Liquidity Surges
Central banks in Ghana and Nigeria have reported massive over-subscriptions across 91-day and 182-day Treasury bills, with benchmark sovereign yields compressing as inflation cools and banking sector liquidity rebounds.
Executive Intelligence Brief
- 148% over-subscription recorded across Ghana and Nigeria weekly Treasury auctions.
- Ghana 91-day T-bill yields compress by 65 basis points to 24.82%.
- Nigerian DMO attracts ₦1.12 trillion in bids against ₦400 billion offer.
- Yield moderation opens window for cheaper commercial lending to real sector enterprises.
ACCRA / ABUJA — Sovereign debt management offices in Ghana and Nigeria have recorded unprecedented demand at their latest weekly Treasury bill auctions, with combined bids exceeding state borrowing targets by 148% amid a sustained rally in domestic debt markets.
In Accra, the Bank of Ghana sold GH¢4.85 billion against a target of GH¢3.2 billion, with 91-day yields settling at 24.82%, down 65 basis points month-on-month. Primary dealer banks and asset managers cited declining headline inflation and currency stability for aggressive yield compression.
Similarly, the Nigerian Debt Management Office (DMO) saw total subscription of ₦1.12 trillion for a ₦400 billion sovereign bill offering, with stop rates easing to 16.20% for 364-day instruments. Foreign portfolio inflows via the official NAFEM window reached four-month highs.
Market analysts note that the steady decline in government borrowing yields is accelerating bank credit flow toward private commercial manufacturing and agricultural processing across both economies.
Byline: Kweku Zurek · Published: Friday, October 30, 2026
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