Government exceeded its Treasury bill target in the latest auction, raising GHS 8.29 billion against a target of GHS 7.43 billion, reflecting sustained investor confidence in short-term government securities.
The auction, identified as Tender 2011 and held on June 12, 2026, attracted total bids worth GHS 8.44 billion across the 91-day, 182-day and 364-day Treasury bills. Out of the amount tendered, the government accepted GHS 8.29 billion, representing an acceptance rate of 98.31 percent.
The amount raised surpassed the target by GHS 868.98 million, equivalent to 11.7 percent above the government’s planned borrowing for the week.
Investor demand remained heavily skewed towards the 91-day Treasury bill, which accounted for the largest share of subscriptions. The government accepted the full GHS 6.04 billion tendered for the short-term instrument, representing nearly 73 percent of the total amount sold.
For the 182-day bill, investors submitted bids worth GHS 1.10 billion, with GHS 1.04 billion accepted. The 364-day bill attracted GHS 1.30 billion in bids, of which GHS 1.22 billion was accepted.
The auction results underscore the continued preference among investors for shorter-dated government securities, largely driven by the need for liquidity, reduced exposure to interest-rate risks and predictable returns.
Yields remained relatively stable across all tenors. The 91-day bill recorded a weighted average interest rate of 5.04 percent, while the 182-day bill cleared at 7.08 percent. The 364-day bill offered a higher return of 10.98 percent, maintaining its premium over the shorter maturities.
Accepted rates for the 91-day bill ranged between 4.86 percent and 5.58 percent. The 182-day bill recorded allotted rates between 7.00 percent and 7.15 percent, while rates on the 364-day bill ranged from 10.50 percent to 11.25 percent.
Compared to the previous auction held on June 5, 2026, the latest sale recorded a significant increase in investor participation. The previous auction attracted GHS 6.09 billion in bids and resulted in sales of GHS 5.83 billion.
The GHS 8.29 billion accepted in the latest auction therefore represents a 42.22 percent increase over the amount sold a week earlier, highlighting the strong appetite for government securities despite prevailing market conditions.
The strong performance provides additional short-term financing support for the government as it continues efforts to manage public finances, strengthen domestic revenue mobilisation and meet debt-service obligations.
For investors, Treasury bills remain an attractive option for preserving capital and earning relatively low-risk cedi returns. Banks, pension funds, asset managers, corporate institutions and individual investors continue to view the instruments as key vehicles for short-term investments.
The results also reaffirm the dominance of the 91-day bill as the preferred investment choice in the current market environment, with demand for shorter maturities far outpacing longer-term instruments.
Looking ahead, the government has set a target of GHS 5.27 billion for the next Treasury bill auction, Tender 2012. The new target is significantly lower than the GHS 8.29 billion raised in the latest sale, suggesting a possible reduction in short-term borrowing requirements for the coming week.
Market analysts will be watching closely to see whether investor demand remains concentrated in the 91-day bill and whether yields continue to hold steady across all maturities.
The latest auction reinforces the resilience of demand for Government of Ghana Treasury bills, with investors continuing to provide strong support for the government’s short-term financing programme.
