The Government of Ghana exceeded its Treasury bill target in the latest auction, raising GH¢6.01 billion after strong investor demand across all three short-term instruments.
According to results released by the Bank of Ghana, the auction held on June 26, 2026, attracted total bids of GH¢7.37 billion against a target of GH¢4.60 billion. Out of the amount tendered, the government accepted GH¢6.01 billion, surpassing its borrowing target by GH¢1.41 billion.
The amount accepted represents about 130.6 percent of the government’s planned borrowing for the week, reflecting continued investor confidence in government securities despite declining yields.
The 364-day Treasury bill attracted the highest interest from investors, receiving bids worth GH¢5.43 billion. Of this amount, the government accepted GH¢4.29 billion, accounting for the largest share of the funds raised.
The 91-day bill recorded bids of GH¢1.48 billion, with GH¢1.34 billion accepted, while the 182-day bill attracted GH¢461.91 million in bids, of which GH¢378.80 million was accepted.
Interest rates remained relatively low on the shorter-term instruments. The weighted average interest rate on the 91-day bill settled at 5.73 percent, while the 182-day bill cleared at 7.69 percent. The 364-day bill offered a higher return, closing at 12.82 percent.
On a discount-rate basis, the 91-day bill recorded an average rate of 5.65 percent, the 182-day bill 7.41 percent, and the 364-day bill 11.36 percent.
Market data also showed varying investor expectations across the different maturities. Bid rates for the 91-day bill ranged between 5.00 percent and 7.95 percent, while the 182-day bill attracted bids from 6.85 percent to 9.07 percent. The 364-day bill recorded a wider range of 5.23 percent to 11.78 percent.
The strong demand suggests liquidity remains abundant within the financial system, with investors continuing to favour government securities even as interest rates trend downward.
The dominance of the 364-day bill points to investors seeking to secure relatively higher returns before yields decline further. As rates on shorter-term instruments continue to fall, many investors appear willing to lock in returns on longer-dated Treasury bills.
The Bank of Ghana noted that in the previous auction conducted on June 19, 2026, the government accepted the entire GH¢4.21 billion tendered across the three Treasury bill instruments.
Looking ahead, the government is targeting GH¢3.37 billion in the next Treasury bill auction, Tender 2014, through the issuance of 91-day, 182-day and 364-day bills.
The latest auction highlights renewed confidence in Ghana’s domestic debt market, supported by easing inflation, improved exchange rate stability and stronger macroeconomic conditions. However, analysts note that maintaining fiscal discipline will remain crucial to sustaining lower borrowing costs and ensuring long-term stability in the domestic debt market.
