The government rejected bids totaling GHS 11.42 billion at its Treasury bill auction held on Friday, February 6, 2026, despite strong investor demand for its short-term debt instruments.
Total bids tendered at the auction amounted to GHS 17.24 billion, significantly exceeding the Government’s target of GHS 4.97 billion (246% oversubscription). Of this amount, the Government accepted GHS 5.82 billion, representing an excess acceptance of about GHS 850 million over the initial target.
The heavy oversubscription underscores sustained investor appetite for government securities, with demand skewed toward the longer end of the short-term yield curve.
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The 364-day bill attracted bids estimated at GHS 6.94 billion, out of which the Government accepted GHS 2.0 billion. Similarly, the 182-day bill recorded bids of approximately GHS 3.72 billion, with accepted bids standing at about GHS 1.30 billion. The 91-day bill also saw strong participation, receiving bids nearing GHS 6.57 billion, of which close to GHS 2.52 billion was accepted.
Yields declined across all tenors, reflecting easing pricing conditions amid robust demand. The yield on the 91-day bill fell to 9.92 percent from 10.82 percent at the previous auction, while the 182-day bill yield declined to 11.81 percent from 12.66 percent. The 364-day bill recorded a sharper drop, shedding 100 basis points to settle at 12.06 percent.
The combination of persistent oversubscription and declining yields points to improving liquidity conditions and sustained investor confidence in government securities, particularly longer-dated short-term instruments.
Norvan Reports