- Treasury Bill Auction Attracts GH¢2.55bn in Bids, Above GH¢2.45bn Target
The government raised GH¢1.92 billion through its latest Treasury bill auction, falling short of its GH¢2.45 billion target despite receiving bids above the amount sought.
Results published by the Bank of Ghana show that investors submitted GH¢2.55 billion across the 91-day, 182-day and 364-day instruments at Tender 2031, held on October 30, 2026. The government accepted GH¢1.92 billion, leaving GH¢630.21 million of the bids unaccepted.
The outcome produced a funding shortfall of GH¢529.27 million, or 21.63%, against the auction target. However, bids exceeded the target by GH¢100.94 million, representing an oversubscription of 4.13%.
That distinction is central to interpreting the auction. Investor offers were sufficient to cover the announced target, but the amount ultimately accepted was lower. The notice does not explain the reasons for leaving part of the bids unaccepted, although its rate ranges show that some investors sought returns above those allotted in full.
The securities are scheduled for issuance on Monday, November 2, with the published weighted average rates applying to the week of November 2–6.
The 91-day bill attracted the largest volume of demand and accounted for most of the funds raised. Investors tendered GH¢1.51 billion for the instrument, of which GH¢1.23 billion was accepted.
The three-month instrument consequently contributed 64.13% of total accepted funds, highlighting its dominant position in the auction.
Its weighted average annualised interest rate stood at 4.60%, while the weighted average discount rate was 4.55%. These are different measures: the discount rate relates to the reduction from the bill’s face value, while the interest rate expresses the return relative to the purchase price.
Investors submitted discount-rate bids ranging from 4.10% to 6.50% for the 91-day security. The notice listed discount rates between 4.10% and approximately 4.61% as allotted in full.
The government left GH¢280.50 million of the bids for that maturity unaccepted. Even so, the amount raised through the 91-day instrument substantially exceeded the proceeds from either of the longer maturities.
The 182-day bill attracted GH¢423.74 million in bids, with GH¢395.74 million accepted. This left GH¢28.00 million unaccepted, the smallest difference between bids and sales among the three instruments.
The six-month bill carried a weighted average annualised interest rate of 6.26% and a discount rate of 6.07%.
Submitted discount rates ranged from 5.60% to 8.00%, while the range allotted in full extended from 5.60% to approximately 6.13%.
The relatively close relationship between the amount offered and the amount accepted meant that the 182-day bill experienced less reduction at allocation than the other maturities.
The largest amount of unaccepted bids was recorded in the 364-day instrument. Investors offered GH¢613.83 million, but the government accepted GH¢292.12 million, equivalent to 47.59% of the amount tendered.
That left GH¢321.71 million unaccepted, slightly more than half of all bids left out across the auction.
The one-year bill’s weighted average annualised interest rate stood at 9.60%, with a weighted average discount rate of 8.76%.
Investors submitted discount-rate bids ranging from 8.67% to 11.50%. The notice listed a narrower range of 8.67% to approximately 8.84% as allotted in full.
The wider gap between bids and accepted funds at this maturity makes the one-year instrument an important part of the auction outcome. It shows that the volume of money investors offer does not necessarily translate into an equivalent amount of government borrowing.
The terms on which that money is offered also matter. However, without a detailed allocation breakdown, the notice does not establish the treatment of every individual bid or the precise reason each unsuccessful offer was excluded.
Across the three maturities, the government accepted 75.27% of total bids.
The published interest rates also show a clear increase in returns with maturity. The 364-day bill offered approximately 5.00 percentage points more than the 91-day bill, while the 182-day rate stood between them.
For investors, that creates a choice between a shorter commitment of funds and a higher annualised return over a longer period. The appropriate comparison also depends on when an investor expects to need the money and the rates available when shorter bills mature.
Demand and accepted proceeds were both lower than at the preceding auction.
The Bank of Ghana’s summary of Tender 2030, held on October 23, showed GH¢4.27 billion in bids and GH¢3.39 billion in securities sold.
Against those figures, bids at the October 30 auction fell 40.28%, while accepted proceeds declined 43.47%.
These movements describe the change in auction volumes. They do not, by themselves, establish a deterioration in investor confidence or explain whether investors’ available cash, competing opportunities or the timing of maturities influenced participation.
The notice also does not provide the preceding auction’s yields. It therefore offers no basis for determining whether the latest rates rose or fell from the previous week.
Attention now turns to Tender 2032, for which the government has announced a target of GH¢3.54 billion across the same three maturities.
That is 44.79% above the GH¢2.45 billion target for the October 30 auction, setting a larger funding objective for the next round.
Meeting it will require sufficient investor participation and bids on terms the government is prepared to accept. The latest results demonstrate that attracting offers above target is only one part of that process.
For the new week, the principal questions are whether demand recovers from the previous auction’s lower volume and whether a greater share of offers translates into accepted funds, particularly for the 364-day bill.
The notice provides no Treasury bill maturity schedule, so the proceeds cannot be compared with repayments falling due to determine the government’s net cash position.
What the results establish is a more specific outcome: investors offered enough to cover the announced target, but the government’s final allocations produced GH¢1.92 billion in proceeds, leaving it below its stated objective ahead of a larger forthcoming auction.
