Treasury-Bill Yields and Private-Sector Credit: How Are They Connected?

Investigates the relationship between Treasury-bill yields, business lending rates and banks’ portfolio allocation. Dated financing evidence and exploratory monthly estimates are presented alongside uncertainty and requirements for stronger causal analysis.

77 pages · 1.29 MB · English

About this report

Author: Dr. Felix Larry Essilfie
Publisher: Institute of Development and Economic Research (IDER)
Publication date: September 2026
Evidence cut-off: 2026-09-19
Reference period: Monthly rates: September 2023–February 2026. Banking snapshots through February 2026. Government financing: 2024 and provisional 2025.
Series: IDER’s Ghana Macroeconomic Policy and Business Intelligence Briefings

Read the evidence in context

Associations and portfolio changes do not establish causal displacement of private credit. The report does not validate a real-time investment signal.

The report’s original source definitions, assumptions and limitations govern its interpretation. References to other institutions do not imply their endorsement.

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