The Government of Ghana rejected bids worth GH¢4.62 billion at its latest Treasury bill auction, even though investors showed strong interest in the short-term securities.
Results released by the Bank of Ghana indicated that total bids submitted for the auction held on March 5, 2026, reached GH¢10.76 billion, far exceeding the government’s target of GH¢5.67 billion. This represents an oversubscription of about 89.5 percent, highlighting the continued appetite among investors for government instruments.
Out of the total bids received, the government accepted GH¢6.13 billion, which was GH¢458 million above its initial target, while the remaining GH¢4.62 billion in bids were rejected.
A breakdown of the auction showed that the 91-day Treasury bill attracted the highest investor interest. It recorded bids of about GH¢5.21 billion, out of which GH¢3.47 billion was accepted.
The 364-day bill also saw strong participation, drawing GH¢3.59 billion in bids, with GH¢1.72 billion accepted.
Meanwhile, the 182-day Treasury bill received approximately GH¢1.95 billion in bids, of which GH¢946 million was taken up by the government.
Despite the strong demand, yields declined across all tenors, reflecting improved liquidity conditions in the market.
The yield on the 91-day Treasury bill dropped to 4.82 percent, down from 5.32 percent in the previous auction. The 182-day bill declined to 6.30 percent from 6.97 percent, while the 364-day bill fell to 9.34 percent.
With the drop in yields across the three tenors, the average Treasury bill rate now stands at 6.82 percent.
Market analysts say the combination of strong oversubscription and falling yields suggests improving liquidity in the financial market and sustained investor confidence in government securities, particularly short-term instruments at the front end of the yield curve.
