Gov’t exceeds treasury bills target by 30.3% as interest rates fall

According to auction results released by the Bank of Ghana, the government received total bids worth GH¢12.3 billion but accepted GH¢11.5 billion.

The strong demand for government securities comes as investors continue to show interest in Treasury bills, while yields across the T-bills curve recorded declines during the latest auction.

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The 364-day Treasury bill remained the most heavily subscribed instrument, accounting for the largest share of bids received during the auction.

Bids worth GH¢8.1 billion were tendered for the 364-day bill, representing 65.5% of total bids received by the government.

The government accepted GH¢7.8 billion of the bids submitted for the 364-day instrument.

The strong demand for the longer-dated Treasury bill contributed significantly to the overall oversubscription recorded at the auction.

The 182-day Treasury bill also attracted significant investor interest.

The government received bids amounting to GH¢1.3 billion for the instrument and accepted slightly more than GH¢1.1 billion.

The 182-day bill continues to provide investors with an alternative to the shorter-term 91-day instrument and the longer-dated 364-day bill.

For the 91-day Treasury bill, investors submitted bids worth GH¢2.9 billion.

The government accepted slightly more than GH¢2.6 billion of the bids received.

The latest auction results indicate continued strong demand for government securities, with the total amount of bids significantly exceeding the government’s financing target.

Meanwhile, interest rates across the Treasury bill yield curve declined during the latest auction.

The yield on the 91-day Treasury bill fell by 11 basis points to 5.76%.

Similarly, the yield on the 182-day Treasury bill declined to 7.68%, compared with 7.78% recorded in the previous week.

The yield on the 364-day Treasury bill also dropped by 3.0 basis points to 12.96%.

The decline in Treasury bill yields comes amid strong demand for government securities and follows the presentation of the 2026 Mid-Year Budget Review by Finance Minister Dr Cassiel Ato Forson on Thursday, July 23, 2026.

The latest auction performance is expected to attract attention from investors and financial market watchers as the government continues to manage its domestic financing needs while seeking to maintain stability in the country’s debt market.