The Government of Ghana has exceeded its Treasury bill target in the third week of January 2026, buoyed by strong investor appetite and a significant oversubscription at the latest auction.
According to data released by the Bank of Ghana (BoG), the government raised GH¢10.057 billion at Treasury bill Tender 1990, surpassing the target of GH¢7.149 billion by nearly GH¢3 billion. The auction, held on Friday, January 16, 2026, attracted total bids worth GH¢10.087 billion from investors and primary dealers.
Out of the total bids received, the government accepted GH¢10.057 billion about 99.7 per cent of subscriptions highlighting robust demand across all tenors.
The 364-day Treasury bill recorded the strongest interest, drawing bids of GH¢4.61 billion, with GH¢4.60 billion accepted. The shorter-dated instruments also performed well, as the government accepted GH¢2.74 billion for the 91-day bill and GH¢2.708 billion for the 182-day bill.
Interest rates remained largely stable compared to previous auctions. The weighted average rate on the 91-day bill settled at 11.19 per cent, while the 182-day and 364-day bills recorded rates of 12.64 per cent and 12.98 per cent, respectively.
Looking ahead, the government has set a higher target of GH¢9.825 billion for the next auction, Tender 1991, as it continues to rely on the domestic market to fund the 2026 Budget and refinance maturing obligations. Securities issued under Tender 1990 are scheduled to be settled on Monday, January 19, 2026.
