The Government of Ghana is aiming to raise GH¢3.89 billion in today’s treasury bill auction, continuing its strategy of short-term borrowing to support public financing needs.

This follows a strong performance in last week’s auction, where investor interest exceeded expectations. The government received bids totaling GH¢5.97 billion, surpassing its target of GH¢5.54 billion by approximately GH¢420 million—an oversubscription that signals healthy market appetite.

According to data released by the Bank of Ghana, the government accepted the full GH¢5.97 billion in bids, underscoring confidence in current market conditions.

In the breakdown of bids:


  • GH¢4.95 billion was tendered for the 91-day treasury bill, with GH¢4.58 billion accepted.


  • The full GH¢890 million offered for the 182-day bill was accepted.


  • For the 364-day instrument, the government took GH¢499 million out of GH¢698 million in bids.

Market analysts attribute the strong demand to a convergence between government borrowing needs and investor expectations, particularly influenced by end-of-month fiscal spending.

With discussions around a potential reopening of the domestic bond market gaining momentum, analysts expect the government to remain selective in its acceptance of bids, while gradually driving yields lower.

This trend is already reflected in recent yield movements:


  • The 91-day bill yield fell by 18 basis points to 14.92%, down from 15.10% the previous week.


  • The 182-day bill dropped by 13 basis points to 15.55%.


  • The 364-day bill recorded a notable decline of 78 basis points, settling at 16.00%.

These yield compressions signal growing investor confidence and could pave the way for more favorable borrowing conditions in the near term.