Government’s latest Treasury bill auction attracted strong investor demand, raising GHS 8.29 billion and surpassing its target of GHS 7.43 billion, reinforcing confidence in Ghana’s short-term fixed income market.
The results of Tender 2011, which settled on June 15, 2026, showed that investors submitted bids worth GHS 8.44 billion across the 91-day, 182-day and 364-day Treasury bills. Government accepted GHS 8.29 billion of the total amount tendered, representing an acceptance rate of 98.31 percent.
The outcome exceeded the auction target by GHS 868.98 million, highlighting sustained appetite for government securities despite changing market conditions.
91-Day Bill Dominates Investor Demand
The 91-day Treasury bill remained the preferred investment option among market participants. According to the fixed income market update by SIC Brokerage Limited, investors tendered GHS 6.04 billion for the short-term instrument, with the entire amount accepted by government.
The 91-day bill accounted for nearly 73 percent of the total amount raised, confirming investors’ continued preference for shorter maturities that offer greater liquidity and lower duration risk.
The 364-day bill attracted GHS 1.30 billion in bids, of which GHS 1.22 billion was accepted, while the 182-day bill recorded GHS 1.10 billion in subscriptions and GHS 1.04 billion in accepted bids.
Market analysts say the strong concentration in the shortest tenor reflects a cautious investment strategy as investors continue to monitor inflation trends, monetary policy signals and government borrowing requirements.
Mixed Yield Movements Across Maturities
Treasury bill yields recorded mixed movements in the latest auction.
The yield on the 91-day bill rose to 5.04 percent from 5.01 percent in the previous auction, while the 364-day bill increased to 10.98 percent from 10.84 percent.
In contrast, the 182-day bill eased slightly to 7.08 percent from 7.09 percent, suggesting selective pricing behaviour by investors across different maturities.
The broader government securities yield curve maintained its upward slope, with rates ranging from 9.92 percent on the two-year instrument to 14.70 percent on the 10-year bond. This indicates that investors continue to demand higher returns for holding longer-term government debt.
Fixed Income Market Remains Active
The latest auction follows a strong performance by the Ghana Fixed Income Market (GFIM) in May 2026. Market volume rose by 39.3 percent year-on-year to GHS 26.57 billion, while market value increased by 55.86 percent to GHS 24.53 billion.
The figures point to growing participation in government securities and improved trading activity across the fixed income market.
Looking ahead, government has set a lower target of GHS 5.27 billion for Tender 2012, scheduled for June 19. Market participants will be watching closely to see whether demand remains concentrated in the 91-day bill and whether yields continue to trend higher.
For now, the latest Treasury bill auction confirms that investor demand for short-term government securities remains resilient, with the 91-day bill continuing to anchor activity in Ghana’s fixed income market.
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