BoG Raises GHS 11.1 Billion in 14-Day Bill Auction as Investor Demand Remains Strong
The Bank of Ghana (BoG) raised a total of GH¢11.1 billion at its latest 14-day bill auction (Tender No. 843) held on January 7, 2026, underscoring sustained investor appetite for short-term central bank instruments.
Official auction data released by the BoG showed that bids were submitted at rates ranging from 14.08% to 14.42% per annum, with all accepted bids allotted within the same range.
The auction closed with a weighted average discount rate of 14.39%, equivalent to an interest rate of 14.47% per annum.
Market watchers say the strong subscription reflects continued demand for short-tenor securities, supported by attractive yields amid broader liquidity management operations by the central bank.
The government, in its most recent T-Bill auction, also maintained strong demand for its short-term securities, recording a 19% oversubscription of treasury bills for the fifth consecutive week, albeit on a lower issuance target.
At the auction, total bids amounted to about GH¢4.7 billion, against an estimated target of GH¢3.9 billion. The government accepted slightly over GH¢4.72 billion worth of the short-term instruments.
Demand was strongest at the shorter end of the curve, with the 91-day bill accounting for a little over 40% of total bids. Approximately GH¢1.948 billion was tendered for the three-month instrument, of which GH¢1.943 billion was accepted.
For the 182-day bill, investors submitted bids worth about GH¢1.2 billion, while the government took up an estimated GH¢1.0 billion.
Similarly, bids on the 364-day bill amounted to around GH¢1.60 billion, with accepted bids estimated at GH¢1.26 billion.
Meanwhile, yields were mixed across the curve, with upward pressure observed at the shorter end of the market. The yield on the 91-day bill rose by 7.0 basis points to 11.16%.
The 182-day bill also saw a marginal increase in yield to 12.55%, from 12.52% recorded in the previous auction.
In contrast, the yield on the 364-day bill eased slightly, declining by one basis point to settle at 12.93%.
