Ghana’s short-term Treasury bill yields have fallen sharply in early 2026, driven by excess liquidity and easing policy signals, according to data from the Bank of Ghana (BoG).
The 91-day bill yield has dropped to about 4.9 percent by mid-April, nearly halving within two months. Analysts attribute the decline to improved inflation conditions, central bank liquidity injections, and strong demand from banks seeking flexible, short-term instruments.
With cash levels high, financial institutions are prioritising liquidity over returns, accepting lower yields on short-dated securities. This shift marks a significant change from earlier in the year, when short-term rates were still near double digits.
Market watchers say the trend reflects growing confidence in near-term macroeconomic stability, although its sustainability will depend on inflation and monetary policy direction in the coming months.
By: Toma Imirhe / businesspostonline
