Treasury Bill Auction attracts GH¢10.51bn in bids as investor appetite remains strong

By Prince Antwi August 3, 2026

Investor interest in government Treasury bills remained high at the latest auction, with subscriptions significantly exceeding the government’s funding target despite a portion of the bids being rejected.

Data released by the Bank of Ghana showed that investors submitted bids totalling GH¢10.51 billion for the 91-day, 182-day and 364-day Treasury bills.

Out of the total amount offered, the government accepted GH¢8.65 billion, leaving about GH¢1.86 billion in bids unsuccessful.

With the government initially seeking to raise GH¢5.87 billion, the auction was oversubscribed by about 79.2%, highlighting continued strong demand for short-term government debt instruments.

The 364-day Treasury bill remained the most attractive instrument, drawing bids worth GH¢7.47 billion. Of that amount, GH¢7.18 billion was accepted.

The 91-day bill attracted GH¢2.27 billion in bids, but only GH¢972.94 million was taken up by the government.

Meanwhile, the 182-day instrument recorded subscriptions of GH¢757.93 million, with GH¢501.38 million accepted.

Interest rates moved in different directions across the three tenors.

The yield on the 91-day Treasury bill eased slightly to 5.76%, down from 5.78% at the previous auction. The 182-day bill also recorded a marginal decline, falling to 7.64% from 7.68%.

However, the yield on the one-year Treasury bill edged up to 12.98% from 12.96%, indicating continued investor demand for the longer-term security.

Market analysts say the strong subscription levels reflect ample liquidity in the financial system and investors’ continued preference for low-risk government securities, particularly the 364-day bill, which offers comparatively higher returns.

For the next auction, the government plans to raise GH¢6.22 billion through the issuance of the 91-day, 182-day and 364-day Treasury bills.