The government’s latest return to the domestic money market has recorded another strong investor response, with bids for the treasury bills auction reaching GH¢11.636 billion – representing an 87 per cent oversubscription of its GH¢6.217 billion target.
The outcome of Tender 2019 marked the government’s seventh consecutive oversubscribed auction, reinforcing signs of robust investor confidence in Ghana’s short-term debt instruments despite prevailing economic uncertainties.
At the August 7, 2026 treasury bills auction, the government received GH¢11.636 billion in bids and accepted GH¢9.418 billion, equivalent to an overall acceptance rate of 80.9 per cent.
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The amount accepted was also 151.5 per cent of the initial borrowing target, as the government raised additional funds to meet immediate maturing obligations and other budgetary needs.
The treasury bills auction subscription rate stood at 187.2 per cent, making the oversubscription rate 87.2 per cent, while the overall acceptance rate was 80.9 per cent of total bids received.
The 91-day Treasury bill attracted GH¢3.701 billion in bids, with the government accepting GH¢2.362 billion at a yield of 5.62 per cent.
The 182-day bill recorded GH¢1.910 billion in bids, of which GH¢1.191 billion was accepted at a yield of 7.52 per cent.
The strongest demand was for the 364-day bill, which attracted GH¢6.024 billion in bids – nearly double the 91-day figure. The government accepted GH¢5.864 billion at a yield of 12.98 per cent.
Compared with the previous Tender 2018, yields have generally declined on shorter maturities, signalling that investors are comfortable accepting slightly lower returns in exchange for the security of government paper.
The lower short-term yields, alongside the strong oversubscription, suggest that investor demand remains robust even as the government borrows at slightly lower rates on shorter maturities. This trend could indicate growing market confidence in the government’s fiscal management and debt servicing capacity.
Financial analysts view the seventh consecutive oversubscription as a positive signal for Ghana’s money market. The consistent demand for Treasury bills demonstrates that liquidity remains ample in the banking sector, while the declining yields point to easing pressure on short-term borrowing costs.
The government’s ability to raise GH¢9.4 billion – far exceeding its target – provides much-needed breathing room for meeting maturing obligations and funding critical expenditures without resorting to more expensive borrowing options.