The Government of Ghana raised GH¢3.93 billion in its latest Treasury bill auction, falling short of its GH¢4.49 billion target as investor demand weakened across all short-term securities.
According to auction results released by the Bank of Ghana for Tender 2008 held on May 22, 2026, investors submitted total bids worth GH¢4.22 billion, with the government accepting GH¢3.93 billion. The securities are expected to be issued on May 25, 2026.
The 91-day Treasury bill remained the most attractive instrument among investors, drawing GH¢2.53 billion in bids, of which GH¢2.51 billion was accepted.
The 182-day bill received GH¢877.72 million in bids, while the government accepted GH¢723.50 million. For the 364-day bill, bids totaled GH¢817.12 million, with GH¢699.62 million accepted.
Yields Remain Low Amid Cooling Inflation
Interest rates on the short-term instruments remained relatively low, reflecting easing inflationary pressures and improving macroeconomic conditions.
The 91-day bill cleared at a weighted average discount rate of 4.8546 percent, equivalent to an interest rate of 4.9143 percent. The 182-day bill recorded a discount rate of 6.8012 percent and an interest rate of 7.0406 percent.
Meanwhile, the 364-day bill cleared at a discount rate of 9.3970 percent, translating into an interest rate of 10.3716 percent.
Analysts say the results point to a market where investors remain cautious despite declining yields. Although government accepted most of the bids received, the auction still missed its target by approximately GH¢554.88 million.
Demand Slows Compared to Previous Auction
The latest auction also reflected a noticeable decline in investor appetite compared with the previous week’s tender.
Tender 2007, conducted on May 15, 2026, attracted GH¢5.80 billion in bids, with government accepting GH¢5.48 billion. This means accepted bids dropped by about GH¢1.55 billion in the latest auction.
The Bank of Ghana has now set a higher target of GH¢5.89 billion for Tender 2009, covering the same 91-day, 182-day and 364-day instruments.
Market observers say the next auction will be closely monitored to determine whether investors remain comfortable with lower yields or begin demanding higher returns to continue financing government borrowing needs.
READ ALSO: Former Finance Minister Sworn In as Benin President After Landslide Victory
