Bills (short-term debt instruments) constituted the largest component of banks’ investment portfolio as of February 2026.

According to the Bank of Ghana’s Monetary Policy Report (MPR), its share increased from 44.5% in February 2025 to 65.0% in February 2026.

This indicates that banks still prefer treasury bills and Bank of Ghana bills despite a shar decline in interest rates.

The share of long-term securities, however, declined from 55.1% in February 2025 to 34.5% in February 2026, in line with the contraction in its growth recorded during the reference period.

Equity investments remained negligible, although their share increased marginally from 0.3% in February 2025 to 0.4% in February 2026.

Meanwhile, in terms of components, growth in investments surged significantly in February 2026 relative to February 2025 on account of the pick-up in rates on the money market during the review period.

Investments grew by 57.5% in February 2026 to GH¢192.8 billion, compared to a growth of 8.6% recorded in February 2025.

According to the MPR, the significant growth in investments reflected in growth in short-term investments, which grew to 130.1% in February 2026 from 1.6% in February 2025.

This was on the account of the increase in rates on the money market.

Long-term investments, however, contracted by 1.4% in February 2026 compared to a growth rate of 14.7% in February 2025.