T-Bill: 91-Day, 182-Day Yields Hit Single Digits as Auction Sees 170% Oversubscription Amid GHS 25.20 Billion Tendered Bids
Government rejected bids worth approximately GHS13.79 billion at its Treasury bill auction held on Friday, February 20, 2026, despite strong investor demand for its short-term debt instruments.
Total bids tendered at the auction amounted to GHS25.20 billion, significantly exceeding the government’s target of GHS9.32 billion, representing an oversubscription rate of about 170.3 per cent.
Out of the total bids received, the government accepted GHS11.40 billion, translating into an excess acceptance of roughly GHS2.08 billion above the stated target.
The sustained oversubscription occurred against the backdrop of declining yields across all tenors, highlighting continued investor appetite for government securities, particularly toward the longer end of the short-term yield curve.
The 364-day Treasury bill attracted bids estimated at GHS9.37 billion, of which GHS5.77 billion was accepted. The 182-day bill recorded bids of about GHS7.21 billion, with accepted bids amounting to GHS2.44 billion.
Strong participation was also observed in the 91-day bill, which received bids close to GHS8.60 billion, while accepted bids stood at approximately GHS3.18 billion.
Yields declined sharply across all instruments, reflecting easing pricing conditions amid robust demand. The yield on the 91-day bill fell to 6.45 per cent from 8.60 per cent at the previous auction. The 182-day bill yield declined to 8.18 per cent from 10.67 per cent, while the 364-day bill yield dropped by 86 basis points to 10.20 per cent.
Market analysts say the combination of persistent oversubscription and falling yields points to improving liquidity conditions and sustained investor confidence in government securities, with demand increasingly skewed toward longer-dated short-term instruments.
