What Investors Expect in the Ghanaian Treasury Bill Market
Investors expect the Ghanaian Treasury Bill market to deliver stability, attractive returns, and transparency to end the government’s persistent misses in the market.
After years of volatility and borrowing shortfalls, investors look for reliable yields in the range of 8–12% by end of 2025, combined with timely and accurate government debt issuance to foster confidence.
A key investor expectation is improved liquidity and effective debt management, as oversupply or sudden shifts in borrowing can erode trust. Investors want the government to avoid reliance on higher-yield bids to meet funding needs, which increases borrowing costs and risks crowding out private sector credit. They also expect better coordination with monetary policy to balance inflation control while sustaining affordable financing costs.
Enhanced transparency and communication about borrowing plans, including clear timelines and realistic targets, will help restore investor confidence and participation.
Finally, investors want to see continued efforts to build a longer-term government debt profile over short-term reliance to create market predictability and reduce refinancing risks.
Meeting these expectations can help reduce government treasury bill misses in the market, lower financing costs, and ultimately support economic stability and growth in Ghana going forward.
