GoG Rejects GHS 4.62 Billion in Bids for T-Bill as Yield Averages 6.82%
Government rejected bids worth GH¢4.62 billion at its Treasury bill auction held on March 5, 2026, despite strong investor demand for short-term government securities.
Results released by the Bank of Ghana show that total bids submitted reached GH¢10.76 billion, significantly exceeding the government’s target of GH¢5.67 billion, representing an oversubscription rate of about 89.5 percent.
Out of the total bids tendered, the government accepted GH¢6.13 billion, which was approximately GH¢458 million above the initial target, while the remaining bids were rejected.
The strong demand for the instruments occurred amid declining yields across all tenors, underscoring sustained investor appetite for government securities, particularly short-term instruments at the front end of the yield curve.
A breakdown of the auction results showed that the 364-day Treasury bill attracted bids of about GH¢3.59 billion, with GH¢1.72 billion accepted.
The 182-day bill recorded bids of roughly GH¢1.95 billion, out of which GH¢946 million was taken up.
Similarly, the 91-day bill drew bids of nearly GH¢5.21 billion, with accepted bids amounting to about GH¢3.47 billion, making it the most subscribed instrument during the auction.
Yields declined across all tenors, reflecting easing pricing conditions supported by strong liquidity in the market.
The 91-day Treasury bill rate fell to 4.82 percent, down from 5.32 percent at the previous auction. The 182-day yield declined to 6.30 percent from 6.97 percent, while the 364-day bill dropped to 9.34 percent.
Following the compression in yields across the tenors, the average interest rate on Treasury bills now stands at 6.82 percent.
Market analysts say the persistent oversubscription alongside declining yields signals improving liquidity conditions and sustained investor confidence in government securities, with demand increasingly concentrated in shorter-dated instruments.
