Investor appetite for Ghana’s Treasury bills remained strong in the latest auction, with the government raising far more than its initial target as demand for short-term securities continued to surge.
Results released by the Bank of Ghana for Tender 2006, held on May 8, 2026, showed that total bids submitted for the 91-day, 182-day and 364-day Treasury bills reached GH¢7.83 billion. Out of that amount, the government accepted GH¢6.09 billion, exceeding its target of GH¢4.35 billion by about GH¢1.74 billion.
The outcome represents an oversubscription of roughly 40 percent above the government’s target, highlighting continued confidence in short-term government instruments despite declining yields.
The 91-day Treasury bill remained the most attractive instrument for investors, accounting for the largest share of bids submitted. Investors tendered GH¢5.72 billion for the three-month bill, with the government accepting GH¢4.37 billion.
The 91-day bill cleared at a weighted average discount rate of 4.8243 percent, translating into an interest rate of 4.8832 percent.
For the 182-day bill, total bids amounted to GH¢651.22 million, out of which GH¢571.64 million was accepted. The six-month bill recorded a weighted average discount rate of 6.7991 percent and an equivalent interest rate of 7.0384 percent.
Meanwhile, the 364-day bill attracted GH¢1.46 billion in bids, with GH¢1.14 billion accepted. The one-year instrument cleared at a weighted average discount rate of 9.1984 percent, equivalent to an interest rate of 10.1302 percent.
The latest auction reflects sustained investor preference for Treasury bills as a relatively safe and liquid investment option, especially at a time when Ghana’s macroeconomic environment is showing signs of improvement.
The strong demand also comes amid a sharp decline in Treasury yields compared to previous years, largely driven by easing inflation, improving market confidence and stronger liquidity conditions within the domestic financial sector.
In the previous auction, Tender 2005 held on April 30, 2026, the government received GH¢4.49 billion in bids and accepted GH¢4.44 billion across the same short-term instruments.
For the next auction, Tender 2007, the government is seeking to raise GH¢4.30 billion through the 91-day, 182-day and 364-day Treasury bills.
The latest results suggest that despite lower returns, investors are still willing to channel significant funds into government securities due to their stability, predictable returns and low risk profile.
