The Government of Ghana raised GH¢6.01 billion from the sale of short-term Treasury bills at its latest auction, surpassing its target of GH¢4.60 billion as investor appetite for government securities remained robust across all maturities.
According to the Bank of Ghana's tender results for securities to be issued on Monday, June 29, 2026, the auction held on Friday, June 26, attracted total bids worth GH¢7.37 billion. Of that amount, the government accepted GH¢6.01 billion, exceeding its borrowing target by GH¢1.41 billion.
The accepted bids represented about 130.6 per cent of the planned amount, reflecting sustained confidence in Ghana's domestic debt market amid improving macroeconomic conditions.
One-Year Bill Attracts Majority of Investments
The 364-day Treasury bill accounted for the largest share of investor interest, receiving bids worth GH¢5.43 billion. The government accepted GH¢4.29 billion of those bids, underscoring investors' preference for locking in relatively higher returns despite the recent decline in short-term interest rates.
Meanwhile, the 91-day bill attracted GH¢1.48 billion in bids, with GH¢1.34 billion accepted. The 182-day bill recorded bids of GH¢461.91 million, of which GH¢378.80 million was accepted.
The latest auction suggests that many investors are extending the maturity of their investments in anticipation of further declines in interest rates.
Interest rates remained in single digits for the shorter-term instruments. The weighted average yield on the 91-day Treasury bill settled at 5.73 per cent, while the 182-day bill closed at 7.69 per cent. The 364-day bill offered a higher weighted average yield of 12.82 per cent.
On a discount-rate basis, the average rates stood at 5.65 per cent for the 91-day bill, 7.41 per cent for the 182-day bill and 11.36 per cent for the one-year instrument.
The wide range of bid rates across the three maturities also reflected varying investor expectations regarding future interest rate movements.
Improving Market Confidence
The strong oversubscription points to abundant liquidity in the money market and growing confidence in short-term government securities as inflation moderates and exchange rate stability improves.
For the government, the outcome provides additional short-term financing flexibility while reinforcing confidence in its domestic borrowing programme.
The Bank of Ghana also noted that the previous auction on June 19 saw the government accept the full GH¢4.21 billion tendered across the three Treasury bill tenors.
Looking ahead, the government plans to raise GH¢3.37 billion at the next Treasury bill auction, known as Tender 2014.
Market analysts say the latest auction highlights renewed investor confidence in Ghana's economy but also underscores the importance of maintaining fiscal discipline to sustain lower borrowing costs and preserve stability in the domestic debt market over the medium term.
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