Investors drive treasury bill sale above government target
19th January 2026
The Government of Ghana recorded strong investor demand at its Treasury bill auction in the third week of January, surpassing its target by a wide margin and posting an oversubscription of GH¢2.938 billion.
Figures released by the Bank of Ghana (BoG) show that the government raised GH¢10.057 billion at the auction, exceeding the target of GH¢7.149 billion.
The auction, known as Tender 1990 and held on Friday, January 16, 2026, attracted total bids worth GH¢10.087 billion from primary dealers and other investors. Of this amount, GH¢10.057 billion—representing about 99.7 per cent of total bids—was accepted.
The 364-day Treasury bill saw the strongest investor interest, with bids reaching GH¢4.61 billion, of which GH¢4.60 billion was taken up by the government.
The shorter-dated instruments also performed strongly. The 91-day bill recorded accepted bids of GH¢2.74 billion, while the 182-day bill attracted GH¢2.708 billion.
Interest rates remained largely unchanged from previous auctions. The weighted average yield on the 91-day bill stood at 11.19 per cent, with the 182-day and 364-day bills settling at 12.64 per cent and 12.98 per cent, respectively.
Looking ahead, the government has set a higher target of GH¢9.825 billion for the next auction, Tender 1991, as it continues to depend on the domestic market to finance the 2026 Budget and roll over maturing debt.
Securities issued under Tender 1990 are scheduled to be settled on Monday, January 19, 2026.