The Government of Ghana has accepted GH¢8.65 billion in its latest Treasury bill auction after investors submitted GH¢10.51 billion in bids, significantly exceeding the government’s GH¢5.87 billion target.
The auction, held on July 31, 2026, under Bank of Ghana Tender 2018, was oversubscribed by 79.08%, reflecting strong investor appetite for government securities.
Of the total bids submitted, GH¢2.27 billion was received for the 91-day Treasury bill, GH¢757.93 million for the 182-day bill, and GH¢7.47 billion for the 364-day instrument.
Government accepted GH¢972.94 million from the 91-day bids, GH¢501.38 million from the 182-day instrument, and GH¢7.18 billion from the 364-day bill.
The 364-day bill therefore accounted for the largest share of the government’s borrowing, with an acceptance rate of about 96.03%.
The strong preference for the one-year instrument indicates that investors were willing to lock in their funds for longer periods, particularly given the higher returns compared with the shorter-term securities.
Interest rates remained relatively stable. The weighted average interest rate stood at 5.76% for the 91-day bill, 7.64% for the 182-day bill and 12.98% for the 364-day bill.
Overall, government raised GH¢2.79 billion more than its original target, representing about 47.48% above the planned amount.
The latest auction continues a trend of strong demand for government securities. In the previous auction, Tender 2017 held on July 24, investors submitted GH¢12.37 billion in bids, with government accepting GH¢11.55 billion.
The sustained oversubscription suggests that investors continue to have a strong appetite for Treasury bills, supported by available liquidity in the financial system and the returns offered by the securities.
For the government, the strong demand provides additional room to manage its short-term financing and cash-flow requirements. However, consistently accepting amounts significantly above announced targets could also increase domestic borrowing.
The next auction, Tender 2019, is expected to target GH¢6.22 billion across the 91-day, 182-day and 364-day Treasury bills.
For now, the July 31 results point to continued strong demand, with the 364-day bill emerging as the clear favourite among investors.
