Investor confidence in Ghana’s Treasury bill market carried strongly into the new year, with the government opening 2026 with yet another oversubscribed auction.

Data from the Bank of Ghana shows that the auction was over-applied by 19.8 percent, marking the sixth consecutive oversubscription and highlighting sustained investor demand for government securities.

Investors submitted a total of GH¢4.78 billion in bids across the 91-day, 182-day, and 364-day bills, of which the Treasury accepted GH¢4.21 billion—exceeding its initial target of GH¢3.99 billion.

The 91-day Treasury bill remained the most popular, attracting bids worth GH¢1.95 billion, almost all of which (GH¢1.94 billion) were accepted. The 182-day bill drew GH¢1.22 billion in bids, with GH¢1 billion accepted, while the 364-day bill recorded bids of GH¢1.6 billion, of which GH¢1.26 billion was taken up by the government.

Analysts attribute the continued oversubscriptions to relatively low maturity profiles and auction targets set below current market liquidity levels, which have helped maintain strong investor participation.

Interest rates edged up marginally across most maturities, reflecting high demand. The yield on the 91-day bill rose by 2 basis points to 11.11 percent, while the 182-day bill increased by 3 basis points to 12.55 percent. The 364-day bill saw a slight decline, easing by 1 basis point to 12.93 percent.

Looking ahead, the Treasury plans to raise GH¢7.56 billion in its next auction across the three short-term instruments, leveraging strong market appetite to meet its short-term financing requirements.