Government missed its Treasury bill target in the latest auction after raising GH¢3.93 billion against a planned GH¢4.49 billion, signaling a slowdown in investor appetite despite declining interest rates.
According to the Bank of Ghana’s Tender 2008 results released on May 22, 2026, total bids submitted by investors reached GH¢4.22 billion, but only GH¢3.93 billion was accepted across the 91-day, 182-day, and 364-day Treasury bills. The securities are expected to be issued on May 25, 2026.
The 91-day Treasury bill remained the most attractive instrument to investors, drawing GH¢2.53 billion in bids, with GH¢2.51 billion accepted. The 182-day bill recorded GH¢877.72 million in bids, of which GH¢723.50 million was taken up, while the 364-day bill attracted GH¢817.12 million, with GH¢699.62 million accepted.
Interest rates on the short-term instruments continued to decline, reflecting easing inflation pressures and improving macroeconomic conditions.
The 91-day bill settled at an interest rate of 4.9143 per cent, while the 182-day bill recorded 7.0406 per cent. The 364-day bill closed at 10.3716 per cent.
Despite accepting most of the bids submitted, government still fell short of its target by approximately GH¢554.88 million, suggesting that investors may be becoming more cautious at the current low yield levels.
The latest performance also marked a sharp decline from the previous auction. In Tender 2007, held on May 15, 2026, government raised GH¢5.48 billion out of total bids worth GH¢5.80 billion. This means accepted bids dropped by about GH¢1.55 billion within a week.
Meanwhile, the Bank of Ghana has set an even higher target of GH¢5.89 billion for the next auction, Tender 2009. The outcome of that sale is expected to test investor confidence and determine whether the market can absorb higher government borrowing at the current interest rates.
