- Gov’t Accepts GH¢6.01bn from T-bills as Demand Exceeds Target
The Government of Ghana raised GH¢6.01 billion from the sale of short-term Treasury bills at the latest auction, exceeding its target of GH¢4.60 billion as investor demand remained strong across the 91-day, 182-day and 364-day bills.
The auction, held on Friday, June 26, 2026, received total bids of GH¢7.37 billion, with the government accepting GH¢6.01 billion, according to Bank of Ghana tender results for Government of Ghana securities to be issued on Monday, June 29, 2026.
The accepted amount was GH¢1.41 billion above the auction target, representing a performance of about 130.60% of the government’s planned borrowing for the week.
The 364-day bill dominated the auction, attracting GH¢5.43 billion in bids, of which GH¢4.29 billion was accepted. That accounted for the largest share of both bids tendered and bids accepted, confirming investors’ continued appetite for longer-dated Treasury bills despite the sharp fall in short-term rates over recent months.
The 91-day bill attracted GH¢1.48 billion in bids, with the government accepting GH¢1.34 billion. The 182-day bill recorded bids of GH¢461.91 million, out of which GH¢378.80 million was accepted.
Yields remained in single digits for the 91-day and 182-day bills, while the 364-day bill continued to price higher. The weighted average interest rate on the 91-day bill settled at 5.73%, while the 182-day bill cleared at 7.69%. The 364-day bill recorded a weighted average interest rate of 12.82%.
On a discount-rate basis, the 91-day bill recorded a weighted average rate of 5.65%, the 182-day bill 7.41%, and the 364-day bill 11.36%.
The range of bid rates showed that investors were still pricing risk differently across maturities. For the 91-day bill, bids ranged from 5.00% to 7.95%. The 182-day bill attracted bids between 6.85% and 9.07%, while the 364-day bill recorded a wider bid range of 5.23% to 11.78%.
The latest result suggests that liquidity in the money market remains strong, with investors still willing to place funds in government securities despite the steep decline in yields from the elevated levels seen in previous periods.
For the government, the auction provides additional short-term financing flexibility, particularly as accepted bids exceeded the target by a wide margin. It also indicates that confidence in short-term government paper remains intact as inflation continues to ease and interest rates reset lower.
The heavy concentration of demand in the 364-day bill suggests that some investors are seeking to lock in relatively higher returns before yields decline further. With the 91-day and 182-day rates now significantly lower, the one-year bill appears to be attracting investors looking for a better yield while staying within the Treasury bill segment.
The Bank of Ghana also reported that at the previous auction held on June 19, 2026, the government accepted GH¢4.21 billion, representing the full amount tendered for the 91-day, 182-day and 364-day bills.
For the next auction, Tender 2014, the government is targeting GH¢3.37 billion from the sale of 91-day, 182-day and 364-day Treasury bills.
The latest auction reinforces the broader shift in Ghana’s domestic debt market, where investor demand has returned strongly to short-term securities amid improving macroeconomic conditions, declining inflation and greater exchange rate stability.
However, the scale of accepted bids also points to the government’s continued reliance on the domestic market for short-term financing, making sustained fiscal discipline essential if lower yields are to be maintained over the medium term.
