Ghana’s latest Treasury bill auction recorded strong investor demand, with the government raising GH¢5.83 billion surpassing its target of GH¢5.44 billion.
Results released by the Bank of Ghana for Tender 2010, conducted on June 5, 2026, show that investors submitted bids worth GH¢6.09 billion across the 91-day, 182-day and 364-day Treasury bills. Out of the total bids received, the government accepted GH¢5.83 billion, representing about 95.8 percent.
The 91-day Treasury bill remained the most attractive instrument to investors, accounting for the largest share of bids. A total of GH¢3.56 billion was tendered for the security, with GH¢3.51 billion accepted. The bill cleared at an interest rate of 5.01 percent.
The 182-day bill also recorded strong demand, attracting bids of GH¢1.71 billion. Government accepted GH¢1.68 billion, with the instrument clearing at an interest rate of 7.09 percent.
Meanwhile, investors submitted GH¢815.57 million in bids for the 364-day bill, of which GH¢640.25 million was accepted. The one-year bill cleared at an interest rate of 10.84 percent.
The auction exceeded the government’s target by approximately GH¢390 million, highlighting continued investor appetite for short-term government securities despite declining yields.
Compared to the previous auction, market activity strengthened considerably. In Tender 2009, held on May 29, 2026, total accepted bids stood at GH¢4.87 billion. The latest auction therefore recorded an increase of about GH¢965 million, representing nearly 20 percent growth week-on-week.
The strong performance comes as inflation continues to ease and interest rates trend lower. Despite these conditions, Treasury bills remain attractive to investors because of their liquidity, low risk and short maturity periods.
Looking ahead, the government is targeting a much higher amount in the next auction. According to the Bank of Ghana, Tender 2011 aims to raise GH¢7.43 billion through the issuance of 91-day, 182-day and 364-day Treasury bills.
Market watchers will be keen to see whether investor demand remains strong enough to absorb the larger issuance without exerting upward pressure on yields.
For now, the latest auction results underscore continued confidence in Ghana’s short-term debt market and investors’ willingness to maintain positions in Treasury bills even as returns moderate.
