The Bank of Ghana (BoG) raised GH¢16.2 billion at its latest 14-day bill auction, underscoring strong and sustained investor appetite for short-term central bank debt instruments.
The auction, Tender No. 847, was held on February 4, 2026. According to official results released by the BoG, bids were submitted at rates ranging between 11.88 percent and 11.94 percent per annum. All accepted bids were allotted within this range, with the auction closing at a weighted average discount rate of 11.94 percent. This corresponds to an effective interest rate of 11.99 percent per annum.
Market participants say the strong uptake reflects heightened demand for short-tenor securities, driven by relatively attractive yields and the central bank’s ongoing liquidity management measures.
Investor appetite for short-term instruments has also remained robust in the government securities market. At the most recent Treasury bill auction, demand exceeded supply for the ninth consecutive week, resulting in a significant oversubscription.
Total bids accepted at the auction amounted to approximately GH¢12.30 billion, far above the government’s target of GH¢6.99 billion, representing an oversubscription rate of 75.86 percent.
The 364-day Treasury bill attracted bids estimated at GH¢6.54 billion, with GH¢5.97 billion accepted. The 182-day bill recorded bids of about GH¢4.65 billion, of which approximately GH¢3.54 billion was taken up. Meanwhile, the 91-day bill received bids close to GH¢5.90 billion, but only about GH¢2.78 billion was accepted.
Strong demand across all tenors led to a decline in yields, signalling easing pricing conditions in the market. The yield on the 91-day bill fell to 10.82 percent, while the 182-day bill yield declined to 12.38 percent from 12.66 percent at the previous auction. The 364-day bill also saw its yield drop by 26 basis points to settle at 13.06 percent.
Analysts note that the combination of declining yields and strong demand points to growing investor confidence in short-term government and central bank securities amid improving liquidity conditions.
