Demand for Ghana’s Treasury bills remained strong at the latest auction, with investors submitting bids worth GH¢11.64 billion, well above the government’s target of GH¢6.22 billion.
The auction, conducted by the Bank of Ghana on August 7, 2026, saw strong interest across all three short-term instruments — the 91-day, 182-day and 364-day Treasury bills.
The 91-day bill attracted GH¢3.70 billion in bids, of which the government accepted GH¢2.36 billion. The 182-day bill received GH¢1.91 billion, with GH¢1.19 billion accepted.
The strongest demand was recorded for the 364-day bill, which attracted GH¢6.02 billion in bids. Government accepted GH¢5.86 billion, making it the most heavily subscribed instrument at the auction.
In total, the government accepted GH¢9.42 billion, exceeding its original target by about 51.5 percent. Total bids were also about 87 percent higher than the target, highlighting the strong appetite for short-term government securities.
The auction also showed a clear difference in the returns investors are demanding across the various maturities. The weighted average interest rate stood at 5.63 percent for the 91-day bill, 7.53 percent for the 182-day bill and 12.99 percent for the 364-day bill.
The higher yield on the one-year bill reflects the longer period investors are committing their funds. While the 91-day bill allows investors to recover their money relatively quickly, the 364-day instrument requires them to lock in their funds for almost a year.
The bid ranges further reflected this difference. The 91-day bill attracted bids between 5.43 percent and 5.70 percent, while bids for the 182-day bill ranged from 7.22 percent to 8.63 percent. The 364-day bill recorded bids ranging from 11.39 percent to 12 percent on a discount-rate basis.
The latest auction represents an increase in both demand and government borrowing compared with the previous auction. Tender 2018, held on July 31, recorded GH¢10.51 billion in total bids, with GH¢8.65 billion accepted.
Compared with the previous week, total bids increased by about 10.8 percent, while accepted bids rose by roughly 8.9 percent.
The strong demand gives the government some flexibility in meeting its short-term financing needs, particularly as investors continue to show interest in government securities despite the decline in short-term interest rates from the highs recorded during Ghana’s recent period of elevated inflation and fiscal pressure.
The 364-day bill remains particularly attractive to investors, offering a return close to 13 percent while keeping the investment within a one-year maturity period.
For the next auction, the government has set a lower target of GH¢5.99 billion. This could mean less pressure to raise funds if demand remains strong.
Market conditions, however, will continue to depend on inflation, liquidity, monetary policy and the government’s financing needs. If inflation remains under control and interest rates continue to ease, investors could increasingly look towards longer-term government securities in search of better returns.
For now, the latest auction points to continued confidence and liquidity in Ghana’s Treasury market, with investors offering almost twice the amount the government initially targeted.
The biggest takeaway is the strong performance of the 364-day bill. With more than GH¢6 billion tendered and almost all of it accepted, investors appear willing to commit their funds for a year at yields close to 13 percent a development that could provide an important signal about market expectations for Ghana’s inflation, interest rates and broader economic outlook.
