The Government of Ghana raised GH¢4.87 billion from its latest Treasury bill auction but fell short of its financing target by more than GH¢1 billion, according to results released by the Bank of Ghana.
The auction, designated Tender 2009 and held on May 29, 2026, attracted total bids worth GH¢4.92 billion from investors. Of that amount, the government accepted GH¢4.87 billion across the 91-day, 182-day, and 364-day Treasury bills.
Despite the strong participation, the amount accepted was below the government’s target of GH¢5.89 billion for the week, highlighting a gap between investor subscriptions and the state’s funding needs.
91-Day Bill Records Highest Demand
Investor appetite remained strongest for the 91-day Treasury bill, which attracted bids totaling GH¢3.37 billion. The government accepted nearly all submissions, taking in GH¢3.36 billion from the short-term instrument.
The 182-day bill received bids worth GH¢749.67 million, with GH¢705.65 million accepted. Meanwhile, the 364-day bill attracted GH¢797.98 million, all of which was accepted.
The latest figures represent an improvement over the previous auction, Tender 2008, where the government received GH¢4.22 billion in bids and accepted GH¢3.93 billion.
Yields Remain Relatively Low
Interest rates remained in single digits for the shorter-term securities, reflecting the continued easing of domestic borrowing costs. The weighted average yield on the 91-day bill settled at 4.9901 per cent, while the 182-day bill cleared at 7.0434 per cent. The 364-day bill recorded a yield of 10.4593 per cent.
The outcome suggests that investor confidence in government securities remains strong, even though subscriptions fell short of the financing target. For the next auction, Tender 2010, the government is seeking to raise GH¢5.44 billion.
Analysts say the relatively lower yields could provide some relief for government by reducing domestic debt-servicing costs compared with the high-interest-rate environment experienced in recent years.
READ ALSO: Mahama Announces World Cup Tickets for Ghanaians Abroad to Support Black Stars
