Investors submitted GH¢5.01 billion in bids at Ghana’s latest Treasury bill auction, exceeding the government’s target by 41 per cent as demand recovered and the yield on the 91-day bill increased slightly.
The Treasury accepted GH¢4.10 billion across the three short-term maturities, according to auction results published by the Bank of Ghana. It had been seeking GH¢3.54 billion to refinance bills worth GH¢3.21 billion that were reaching maturity.
The 91-day bill attracted the strongest demand, receiving slightly more than GH¢3.0 billion in bids, equivalent to 59 per cent of the total amount offered. The government accepted about GH¢2.9 billion of the three-month securities.
Investors tendered roughly GH¢1.6 billion for the 182-day bill, with the Treasury taking GH¢934.50 million. Bids for the 364-day bill reached about GH¢388 million, of which just over GH¢243.15 million was accepted.
The results show that investors remained more heavily concentrated in shorter-dated instruments, despite differing movements in yields across the three maturities.
The clearing yield for the 91-day bill rose by 2.0 basis points to 4.56 per cent. That increase reversed the small decline recorded at the previous auction.
Yields on the longer-dated bills moved lower. The rate on the 182-day instrument fell by 6.0 basis points, from 6.26 per cent a week earlier to 6.20 per cent. The 364-day yield declined by 12.0 basis points, dropping from 9.60 per cent to 9.48 per cent.
The stronger auction follows a weaker performance at the final tender in October. At that sale, total bids fell to GH¢2.55 billion against a GH¢2.45 billion target, while the government accepted GH¢1.92 billion.
For the full month of October 2026, investors submitted GH¢19.9 billion in bids against a cumulative target of GH¢16.37 billion. The Treasury accepted GH¢14.97 billion, rejecting offers it considered too costly.
The latest auction also comes after the Ghana Reference Rate fell to 10.01 per cent, its lowest level of 2026, following several months of declines.
Under the government’s medium-term fiscal framework, new Eurobond issuance has been ruled out until 2030. Domestic Treasury bills therefore remain the main tool for managing short-term liquidity before the presentation of the 2027 budget on November 12.
