Government turned away a significant portion of investor funds at its latest Treasury bill auction, even as demand for short-term securities remained exceptionally strong.
At the auction held on Friday, February 13, 2026, total bids submitted reached GHS22.66 billion — more than three times the government’s target of GHS6.41 billion. This represents an oversubscription of about 253 percent, highlighting sustained appetite for government debt instruments.
Despite the strong demand, the government accepted GHS8.99 billion in bids and rejected approximately GHS16.25 billion. The amount accepted exceeded the initial target by about GHS2.57 billion.
The strong participation comes at a time when yields are trending downward across all tenors, suggesting that investors are willing to lock in lower returns in exchange for the relative safety of government securities.
The 364-day bill recorded bids of GHS7.76 billion, with GHS3.48 billion accepted. For the 182-day bill, investors tendered GHS7.26 billion, out of which GHS2.08 billion was taken up. The 91-day bill also saw robust demand, attracting GHS7.64 billion in bids, with GHS3.41 billion accepted.
Yields continued to ease across the board. The 91-day bill rate declined to 8.60 percent from 9.92 percent at the previous auction. The 182-day bill fell to 10.67 percent from 11.81 percent, while the 364-day bill saw a sharper drop of 100 basis points to settle at 11.06 percent.
The combination of heavy oversubscription and falling yields signals improving liquidity conditions in the financial system and sustained investor confidence in government securities. Notably, demand appears increasingly skewed toward the longer-dated short-term instruments, particularly the 364-day bill.
