Afronomics measures
What African governments pay to borrow
Three measures built from the ten central-bank auction records on the T-bill monitor: the return a lender keeps after inflation, how heavily each government’s auctions are bid, and when each market is next due to report. Each method is stated under its table.
After inflation
Real yields on one-year bills
| Market | 364-day rate | Inflation | Real yield | Auction |
|---|---|---|---|---|
| Egypt | 25.67% | 14.1%2025 | +11.60 | 29 Sept 2026 |
| Mozambique | 12.09% | 4.4%2025 | +7.72 | 30 Sept 2026 |
| Uganda | 11.00% | 3.6%2025 | +7.42 | 3 Sept 2026 |
| Kenya | 9.04% | 4.1%2025 | +4.97 | 5 Oct 2026 |
| South Africa | 7.50% | 3.2%2025 | +4.29 | 28 Sept 2026 |
| Tanzania | 6.29% | 3.3%2025 | +2.96 | 23 Sept 2026 |
| Zambia | 10.00% | 13.9%2025 | −3.91 | 1 Oct 2026 |
| Ghana | 9.83% | 14.2%2025 | −4.37 | 28 Sept 2026 |
| Nigeria | 15.89% | 23.0%2025 | −7.12 | 23 Sept 2026 |
| Malawi | 16.00% | 28.4%2025 | −12.37 | 29 Sept 2026 |
Real yield is the 364-day bill rate at the latest auction less the latest annual consumer-price inflation published by the World Bank (year shown). Annual inflation lags the auction by up to a year, so read this as a guide to whether lenders are being paid above inflation, not a precise figure.
Source: Central-bank auction results; World Bank Open Data · computed by Afronomics
Bids per unit offered
Demand at government auctions
| Market | Median, last 90 days | Previous 90 days | Auctions | Measured against |
|---|---|---|---|---|
| Nigeria | 5.06× | 3.11× | 8 | amount offered |
| Uganda | 2.31× | 1.88× | 4 | amount offered |
| Egypt | 2.29× | 2.43× | 13 | amount offered |
| Tanzania | 2.08× | 2.31× | 6 | amount offered |
| Zambia | 1.81× | 1.19× | 7 | amount offered |
| Kenya | 1.57× | 1.17× | 13 | amount offered |
| Ghana | 1.27× | 1.03× | 8 | amount accepted |
| Malawi | 1.01× | 1.00× | 14 | amount accepted |
| Mozambique | 0.98× | 0.96× | 18 | amount offered |
For each auction, bids received across all tenors divided by the amount offered; the figure shown is the median auction in the 90 days to each market’s latest result, and in the 90 days before. Above 1× means investors bid for more than the government offered. Where a central bank does not publish the amount offered, bids are divided by the amount accepted. South Africa is not shown: the SARB series carries rates only.
Auction calendar
When each market reports next
Ghana
Mon 5 Oct
Every week · last 28 Sept 2026
South Africa
Mon 5 Oct
Every week · last 28 Sept 2026
Egypt
Tue 6 Oct
Every week · last 29 Sept 2026
Malawi
Tue 6 Oct
Every week · last 29 Sept 2026
Nigeria
Wed 7 Oct
Every two weeks · last 23 Sept 2026
Tanzania
Wed 7 Oct
Every two weeks · last 23 Sept 2026
Mozambique
Thu 8 Oct
Every week · last 1 Oct 2026
Kenya
Mon 12 Oct
Every week · last 5 Oct 2026
Uganda
Thu 15 Oct
Every two weeks · last 3 Sept 2026
Zambia
Thu 15 Oct
Every two weeks · last 1 Oct 2026
The expected date follows from the most common gap between each market’s last twelve results, using the date each central bank puts on its results (the issue date for most). Central banks publish official calendars and do move auctions around holidays; treat this as a guide.
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics” and a link to this page.
Afronomics (2026). Afronomics African borrowing-cost measures. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/borrowing-costs
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