Ghana has raised GH¢6.53 billion from its latest Treasury bill auction, surpassing the government’s weekly target as investor appetite remained strong across the 91-day, 182-day and 364-day securities.
Results released by the Bank of Ghana for Tender 2022, held on August 28, 2026, showed that investors submitted total bids of GH¢12.35 billion. The government, however, accepted about GH¢6.53 billion, compared with its target of GH¢5.15 billion.
The amount raised was therefore about GH¢1.38 billion, or 26.86%, above the target.
The 364-day bill attracted the highest level of demand, with investors submitting GH¢7.50 billion in bids. Of this amount, the government accepted GH¢2.75 billion.
For the 91-day bill, bids totalled GH¢3.56 billion, with GH¢2.84 billion accepted. The 182-day bill received GH¢1.29 billion in bids, while GH¢935.22 million was accepted.
The strong demand, particularly for the one-year security, points to continued investor confidence in Ghana’s short-term government securities. However, the government did not accept all available bids, especially for the 364-day bill, suggesting that it remained selective about the pricing of the securities.
Weighted average interest rates stood at 4.95% for the 91-day bill, 6.86% for the 182-day bill and 10.78% for the 364-day security.
The latest auction also outperformed the previous week in terms of the amount raised. In Tender 2021, held on August 21, investors submitted GH¢14.27 billion, but the government accepted GH¢5.85 billion.
The government is now targeting GH¢6.55 billion in the next Treasury bill auction, as it continues to rely on the domestic market to finance its operations.
The strong demand also comes ahead of the planned issuance of a new four-year cedi-denominated government bond maturing in 2030.
While investors have shown strong appetite for Treasury bills, the upcoming bond issuance will test whether they are equally willing to commit their funds to Ghana’s sovereign securities for a longer period.
The government will be watching closely to see whether the renewed confidence in the Treasury bill market can translate into stronger demand for longer-term borrowing.
