Demand for Treasury bills in Ghana continues to exceed government issuance targets, with the latest figures from the Bank of Ghana highlighting strong investor appetite.

The most recent auction attracted GH¢22.67 billion in bids against a target of GH¢6.42 billion, representing an oversubscription of 253 percent — slightly higher than the 246 percent recorded in the previous week.

Of the total bids submitted, the government accepted GH¢8.99 billion across the 91-day, 182-day, and 364-day instruments.

A detailed breakdown shows:


  • 91-day T-bill: GH¢3.41 billion accepted out of GH¢7.64 billion tendered


  • 182-day T-bill: GH¢2.09 billion accepted from GH¢7.27 billion in bids


  • 364-day T-bill: GH¢3.49 billion accepted out of GH¢7.76 billion offered

Yields decline amid strong liquidity

The auction saw yields fall sharply across the curve, reflecting the prevailing liquidity build-up in the market. The 91-day bill rate dropped by 136 basis points to 8.60 percent from 9.96 percent. The 182-day yield fell by 114 basis points to 10.67 percent from 11.81 percent, while the 364-day bill eased by 100 basis points to 11.06 percent from 12.06 percent.

Analysts attribute the yield compression not only to abundant liquidity but also to competitive bidding and earlier bid rejections, which are encouraging investors to submit lower bids to secure allocations.

Looking ahead, the government plans to raise GH¢9.32 billion in the next Treasury bill auction, signaling continued reliance on the short-term domestic debt market to finance its operations.