Government fell short of its Treasury bill fundraising target at the March 13, 2026 auction, even though investor demand remained strong for short-term government securities.
According to results released by the Bank of Ghana, total bids submitted reached GH¢8.73 billion, surpassing the government’s target of GH¢8.13 billion. However, authorities accepted GH¢7.99 billion, rejecting about GH¢746 million worth of tenders.
The outcome highlights a cautious borrowing approach despite ample liquidity in the market and sustained appetite for Treasury instruments.
Demand was strongest for shorter-term securities, reflecting investors’ preference for lower-risk instruments amid changing market conditions. The 91-day bill attracted the highest interest, drawing nearly GH¢6.15 billion in bids, of which about GH¢5.88 billion was accepted.
The 182-day bill recorded bids of roughly GH¢2.05 billion, with GH¢1.62 billion taken up. Meanwhile, the 364-day bill received bids of about GH¢529 million, out of which GH¢480 million was accepted.
Interest rates declined across most maturities, signaling easing borrowing costs for the government and strong liquidity within the financial system. The yield on the 91-day bill dropped to 4.71 percent from 4.82 percent at the previous auction, while the 182-day rate slipped marginally to 6.28 percent from 6.30 percent. In contrast, the 364-day bill saw a slight increase, rising to 9.40 percent.
With yields generally trending downward, the average Treasury bill rate now stands at 6.79 percent.
Analysts say the continued oversubscription of auctions, coupled with falling yields, points to improving market liquidity and sustained investor confidence in government securities. They also note that demand is increasingly concentrated at the short end of the yield curve, where investors can minimize risk while maintaining flexibility.
