T-Bill Yields Hit Single Digits Across Tenors as Debt Instrument Sees 155% Oversubscription
Government turned down bids amounting to about GH¢6.01 billion at its Treasury bill auction held on February 27, 2026, despite robust demand for short-term debt instruments.
Total bids submitted reached GH¢14.82 billion, far exceeding the government’s target of GH¢5.80 billion, representing an oversubscription rate of approximately 155.3 percent.
Of the total bids tendered, GH¢8.80 billion was accepted, about GH¢3 billion above the initial target.
The strong subscription levels were recorded amid declining yields across all tenors, underscoring sustained investor appetite for government securities, particularly at the short end of the yield curve.
Breakdown of the auction results showed that the 364-day bill attracted bids of roughly GH¢5.16 billion, with GH¢3.53 billion accepted. The 182-day instrument recorded bids of about GH¢2.82 billion, of which GH¢1.52 billion was taken up.
Similarly, the 91-day bill saw bids nearing GH¢6.82 billion, while accepted bids stood at approximately GH¢3.74 billion.
Yields compressed across all instruments, reflecting easing pricing conditions supported by strong liquidity. The 91-day bill rate declined to 5.32 percent from 6.45 percent at the previous auction. The 182-day yield fell to 6.97 percent from 8.18 percent, while the 364-day bill dropped to 9.76 percent.
Market analysts note that the persistent oversubscription coupled with declining yields signals improving liquidity conditions and sustained investor confidence in government securities, with demand increasingly concentrated in shorter-dated instruments.
