The Government of Ghana accepted GH¢6.09 billion from its latest Treasury bill auction, significantly surpassing its target of GH¢4.35 billion as investor appetite for short-term government securities remained strong amid improving macroeconomic conditions.
According to auction results released by the Bank of Ghana for Tender 2006, held on May 8, 2026, total bids submitted across the 91-day, 182-day and 364-day Treasury bills reached GH¢7.83 billion. Out of this amount, government accepted GH¢6.09 billion.
The auction therefore exceeded the government’s financing target by approximately GH¢1.74 billion, representing an oversubscription of nearly 40%.
91-Day Bill Dominates Investor Interest
The 91-day Treasury bill accounted for the largest share of market activity during the auction, reinforcing its position as the preferred short-term investment instrument among domestic investors.
The instrument attracted total bids of GH¢5.72 billion, with government accepting GH¢4.37 billion. The bill cleared at a weighted average discount rate of 4.8243%, translating into an equivalent interest rate of 4.8832%.
Meanwhile, the 182-day bill recorded bids amounting to GH¢651.22 million, of which GH¢571.64 million was accepted. The medium-term instrument cleared at a weighted average discount rate of 6.7991%, equivalent to an interest rate of 7.0384%.
For the 364-day bill, investors submitted GH¢1.46 billion in bids, while GH¢1.14 billion was accepted. The one-year bill recorded a weighted average discount rate of 9.1984%, corresponding to an interest rate of 10.1302%.
Improving Economic Conditions Support Demand
Market analysts say the strong demand for Treasury bills reflects growing confidence in Ghana’s improving economic environment, characterised by declining inflation, currency stability and stronger liquidity conditions within the financial system.
Treasury yields have also remained relatively low compared with levels seen in previous years, following Ghana’s sharp disinflation trend and broader macroeconomic stabilisation efforts.
The latest auction marks a sharp improvement from the previous Tender 2005 auction held on April 30, 2026, where total bids stood at GH¢4.49 billion and accepted bids amounted to GH¢4.44 billion.
Government Maintains Strong Access to Domestic Financing
The strong auction outcome provides government with additional flexibility in managing short-term financing requirements at relatively lower borrowing costs.
For investors, Treasury bills continue to offer attractive advantages despite declining yields, particularly in terms of safety, liquidity and predictable short-term returns.
The government has already announced a target of GH¢4.30 billion for the next Treasury bill auction, Tender 2007, covering the same 91-day, 182-day and 364-day instruments.
The latest results reinforce the continued dominance of Treasury bills within Ghana’s domestic debt market, with investors maintaining strong interest in government securities even as the broader economy stabilises and yields continue to compress.
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