- Investors Flood Treasury Bills as Auction Beats Target by GH¢1.74 Billion
Government accepted GH¢6.09 billion from the latest Treasury bill auction, significantly exceeding its target of GH¢4.35 billion, as investor demand for short-term securities remained strong.
According to the Bank of Ghana’s auction results for Tender 2006, held on May 8, 2026, for securities to be issued on May 11, 2026, total bids tendered across the 91-day, 182-day and 364-day bills amounted to GH¢7.83 billion, while bids accepted stood at GH¢6.09 billion.
The auction performance means the government accepted about GH¢1.74 billion more than its stated target, representing an oversubscription of roughly 40% above the target.
The 91-day bill dominated the auction, attracting bids of GH¢5.72 billion, out of which GH¢4.37 billion was accepted. The 91-day bill cleared at a weighted average discount rate of 4.8243%, equivalent to an interest rate of 4.8832%.
The 182-day bill recorded bids of GH¢651.22 million, with GH¢571.64 million accepted. Its weighted average discount rate stood at 6.7991%, while the equivalent interest rate was 7.0384%.
For the 364-day bill, total bids reached GH¢1.46 billion, with GH¢1.14 billion accepted. The one-year instrument recorded a weighted average discount rate of 9.1984%, equivalent to an interest rate of 10.1302%.
The results show continued appetite for government short-term instruments, particularly the 91-day bill, which accounted for the bulk of both bids submitted and amounts accepted.
The strong demand also comes at a time when Treasury yields remain relatively low compared with previous years, reflecting Ghana’s sharp disinflation, improved macroeconomic conditions and stronger liquidity in the domestic market.
In the previous auction, Tender 2005, held on April 30, 2026, the government received total bids of GH¢4.49 billion and sold GH¢4.44 billion across the 91-day, 182-day and 364-day bills.
For the next auction, Tender 2007, the government has set a target of GH¢4.30 billion for the 91-day, 182-day and 364-day Treasury bills.
The latest auction points to a market still willing to absorb short-term government paper, even as yields have compressed sharply. For the government, the demand provides room to manage near-term financing needs at lower borrowing costs.
For investors, however, the auction also reflects a changing fixed income environment, where nominal yields have fallen but the Treasury bills continue to offer safety, liquidity and predictable short-term returns.
Overall, the May 8 auction reinforces the dominance of Treasury bills in Ghana’s domestic debt market, with investor demand remaining strong despite lower rates and a stabilising macroeconomic backdrop.
