Government exceeded its Treasury bills target in the latest auction after strong investor demand pushed total bids well above expectations, reinforcing confidence in Ghana’s short-term debt market despite falling yields.
Results released by the Bank of Ghana for Tender 2007, conducted on May 15, 2026, showed that investors submitted GH¢5.80 billion in bids for the 91-day, 182-day and 364-day Treasury bills. Out of that amount, government accepted GH¢5.48 billion, surpassing its target of GH¢4.30 billion by about GH¢1.18 billion.
The outcome highlights continued appetite for short-term government securities as investors remain cautious about locking funds into longer-term instruments amid changing market conditions.
The 91-day Treasury bill once again dominated the auction, attracting the largest share of investor interest. Bids for the instrument reached GH¢3.83 billion, with government accepting GH¢3.65 billion. The bill recorded a weighted average discount rate of 4.8577%, translating into an equivalent interest rate of 4.9174%.
For the 182-day bill, investors tendered GH¢709.83 million, of which GH¢671.72 million was accepted. The instrument posted a weighted average discount rate of 6.8017% and an equivalent interest rate of 7.0411%.
Meanwhile, the 364-day bill attracted GH¢1.26 billion in bids, with government accepting GH¢1.15 billion. The one-year bill recorded a weighted average discount rate of 9.4086%, equivalent to an interest rate of 10.3857%.
The figures show that liquidity in the market remains heavily concentrated at the short end of the yield curve, with the 91-day bill alone accounting for nearly two-thirds of the total accepted bids.
This trend has become increasingly common in Ghana’s domestic fixed income market, where investors continue to prioritise shorter-tenor securities and liquidity-preserving strategies instead of taking longer-duration risks.
Analysts say the strong demand also reflects the attractiveness of Treasury bills to banks, asset managers and institutional investors seeking relatively safer investment options as interest rates continue to decline.
The latest auction further confirms how sharply money market conditions have shifted in recent months. With inflation easing and the Bank of Ghana gradually softening its monetary policy stance, Treasury bill yields have dropped significantly compared to the elevated levels seen during the country’s recent economic tightening period.
Auction data showed that bid rates for the 91-day bill ranged from 4.7000% to 5.0845%, while accepted bids were allotted fully between 4.7000% and 4.9383%.
For the 182-day bill, rates ranged between 6.6699% and 6.9964%, with full allotment between 6.6699% and 6.9032%.
The 364-day bill attracted bids ranging from 9.0000% to 9.5841%, while accepted bids received full allotment between 9.0000% and 9.5023%.
For government, the successful auction provides additional short-term financing support at a time authorities continue to depend heavily on the domestic market following Ghana’s debt restructuring programme.
The Bank of Ghana also revealed that in the previous auction, Tender 2006, government received GH¢7.83 billion in bids and accepted GH¢6.09 billion.
Looking ahead, government is targeting GH¢4.49 billion in the next auction, Tender 2008. Market watchers will be closely monitoring whether investor demand can remain this strong after two consecutive weeks of heavy Treasury bill sales.
For now, the latest auction sends a clear signal that confidence in Ghana’s short-term securities market remains firm, even as investors adjust to a lower interest-rate environment.
