IN BRIEF

• • GHANA
    Fixed Income: The unrelenting interbank liquidity received further boost in February 2026 with the GHS 10.0bn coupon payment on the DDEP bonds. This sustained the heavy demand for Ghanaian T-bills, culminating in multi-year low yields. We expect the Treasury to maintain downward pressure on yields to support pricing of its upcoming bond issuance around the prevailing DDEP carry levels.

 

• • Currency: The Ghanaian Cedi strengthened in February 2026, gaining 2.6% m/m to 10.7/USD as forex demand eased sharply amidst the BOG’s twice weekly spot FX auction (USD 902mn in Feb-2026). We expect the fairly balanced supply and demand conditions with the gold-backed flows and improved interbank FX turnover to reinforce the Cedi’s stability in March 2026.
    
• • KENYA
    Fixed Income: Investor demand for Kenyan T-bills strengthened in February 2026 on the back of ample liquidity and rate-cut positioning, pushing yields down by 16bps. We perceive scope for a further modest decline in yields in March 2026 as T-bill maturities ease.

 

• • Currency: The Kenyan shilling held steady at 129.0/USD in February 2026, underpinned by FX reserves of USD 12.5bn (5.4 months of import cover). With buffers still strong and proactive debt management easing pressure, we expect the USDKES to remain static in the near term
  • NIGERIA
    Fixed Income: Demand conditions remained supportive of Nigeria’s Treasury issuances with bids strengthening further in February 2026 to outpace the unchanged offer size, enabling the Treasury to exceed target for the month at lower yields on the extremes of the T-bill curve

 

• •   Currency: The Naira extended its rally in February 2026, appreciating 1.8% m/m to 1,362/USD on sustained portfolio inflows and higher oil earnings. We expect positive sentiment and stable FX conditions to persist in the near term as gross FX reserves surged to a 13-year high of USD 50.45bn (9.7 months’ import cover).