Treasury bills attract GH¢12.37bn in bids, exceeding gov't target by 30.3%

• Treasury bills auction oversubscribed: Investors submitted GH¢12.37 billion in bids, exceeding the government's GH¢9.49 billion target by 30.3%.

• 364-day bill leads demand: The one-year Treasury bill attracted the highest interest, receiving GH¢8.11 billion in bids, of which GH¢7.82 billion was accepted.

• Yields decline across all tenors: Interest rates fell on the 91-day, 182-day and 364-day Treasury bills, while the government set a GH¢5.87 billion target for the next auction.

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Figures released by the Bank of Ghana show investors submitted GH¢12.37 billion in bids for the 91-day, 182-day and 364-day Treasury bills, compared with the government's target of GH¢9.49 billion. This represents an oversubscription of about 30.3%.

The government accepted GH¢11.54 billion of the bids, leaving roughly GH¢830 million unaccepted.

Demand was highest for the 364-day Treasury bill, which attracted GH¢8.11 billion, accounting for nearly two-thirds of all bids received. Of that amount, GH¢7.82 billion was accepted.

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The 91-day bill recorded bids worth GH¢2.95 billion, with GH¢2.60 billion accepted, while investors offered GH¢1.30 billion for the 182-day bill. The government accepted GH¢1.12 billion under that instrument.

The latest auction took place during the same week Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review, underscoring continued reliance on the domestic debt market to finance government operations.

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Treasury bill yields declined across all three tenors.

The yield on the 91-day bill dropped by 11 basis points to 5.76%. The 182-day bill also fell to 7.68%, down from 7.78% at the previous auction, while the 364-day bill eased by three basis points to 12.96%.

The Bank of Ghana's auction results indicate that longer-term Treasury bills continue to attract the strongest interest from investors despite the decline in yields.

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For the next Treasury bills auction, the government is seeking to raise GH¢5.87 billion through the three short-term instruments.