Treasury bill yields declined to single digits across all tenors at the government’s auction held on February 27, 2026, as strong investor demand pushed subscription levels well above target.
Total bids submitted amounted to GH¢14.82 billion, significantly higher than the government’s target of GH¢5.80 billion. This represents an oversubscription rate of about 155.3 per cent.
Despite the robust demand, government accepted GH¢8.80 billion out of the total bids received, turning down approximately GH¢6.01 billion. The accepted amount was roughly GH¢3 billion above the original target.
The strong appetite for short-term instruments comes amid a steady decline in yields, reflecting improving liquidity conditions in the market and sustained investor confidence in government securities.
A breakdown of the results shows that the 91-day bill attracted bids of nearly GH¢6.82 billion, with GH¢3.74 billion accepted. The 182-day instrument recorded bids of about GH¢2.82 billion, out of which GH¢1.52 billion was taken up. For the 364-day bill, bids totalled roughly GH¢5.16 billion, with GH¢3.53 billion accepted.
Yields fell across all maturities. The 91-day bill rate declined to 5.32 per cent from 6.45 per cent at the previous auction. The 182-day yield dropped to 6.97 per cent from 8.18 per cent, while the 364-day bill eased to 9.76 per cent.
Market analysts say the combination of consistent oversubscription and falling yields points to improved liquidity in the financial system, with investors showing a growing preference for shorter-dated government instruments.
