The latest Treasury bill auction delivered a strong result for the Government of Ghana, with authorities raising GHS 8.29 billion, surpassing the target of GHS 7.43 billion amid sustained investor appetite for short-term government securities.
Results from Tender 2011, held on June 12, 2026, showed that total bids submitted across the 91-day, 182-day and 364-day Treasury bills reached GHS 8.44 billion. Of that amount, government accepted GHS 8.29 billion, representing an acceptance rate of 98.31 percent.
The amount raised exceeded the auction target by GHS 868.98 million, or 11.70 percent, underscoring continued confidence in Ghana’s domestic debt market.
Investor interest remained heavily skewed toward shorter-term instruments, with the 91-day bill accounting for the majority of accepted bids.
Government accepted the full GHS 6.04 billion tendered for the 91-day security, representing nearly 73 percent of the total amount raised during the auction.
The 182-day bill attracted bids worth GHS 1.10 billion, of which GHS 1.04 billion was accepted. Meanwhile, the 364-day bill recorded GHS 1.30 billion in bids, with government accepting GHS 1.22 billion.
The strong preference for shorter maturities reflects investors’ desire for liquidity, reduced duration risk and predictable returns amid evolving market conditions.
Interest Rates Remain Stable
Despite the strong demand, yields remained relatively contained across all tenors.
The 91-day bill cleared at a weighted average interest rate of 5.04 percent, while the 182-day bill settled at 7.08 percent. The 364-day bill offered the highest return, clearing at 10.98 percent.
Allotted rates ranged between 4.86 percent and 5.58 percent for the 91-day bill, 7.00 percent and 7.15 percent for the 182-day bill, and 10.50 percent to 11.25 percent for the one-year security.
The latest auction marks a significant increase in government borrowing compared to the previous tender conducted on June 5, 2026.
During that auction, total bids amounted to GHS 6.09 billion, while GHS 5.83 billion was accepted. The latest sale of GHS 8.29 billion therefore represents a 42.22 percent increase in accepted bids.
The outcome provides government with additional short-term financing support as it continues to manage expenditure commitments, domestic revenue mobilisation and debt obligations.
Market Eyes Next Auction
Government has set a lower target of GHS 5.27 billion for the next Treasury bill auction, a figure that is 36.41 percent below the amount raised in the latest sale.
Market participants will closely monitor whether investor demand continues to favour the 91-day bill and whether interest rates remain stable across all maturities.
The latest Treasury bill auction highlights the resilience of investor demand for Government of Ghana securities, allowing authorities to raise more than planned while maintaining relatively moderate borrowing costs.
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