The Government of Ghana has secured bids worth approximately GH¢2.93 billion through its latest Treasury bill auction, surpassing its target of GH¢2.24 billion by 30.52 per cent, even as investor demand showed further signs of moderation during the week.
The latest auction indicates that although participation in the short term government securities market has softened, investor interest remains sufficient to provide the Treasury with a comfortable level of coverage for its immediate financing requirements. The Bank of Ghana’s official auction results confirm that investors submitted GH¢2.925 billion in bids across the 91 day, 182 day and 364 day Treasury bills.
From the total amount offered by investors, the Treasury accepted approximately GH¢1.77 billion, compared with the government’s target of about GH¢2.24 billion. The outcome therefore reflects a deliberate selection of bids rather than an acceptance of the entire amount presented by investors.
The 91 day Treasury bill attracted the largest volume of subscriptions, receiving approximately GH¢2.215 billion in bids. The government subsequently accepted about GH¢1.395 billion from that amount, making the shortest maturity instrument the dominant component of the latest auction.
The 182 day Treasury bill recorded bids amounting to approximately GH¢235.19 million, of which about GH¢153.69 million was accepted by the Treasury. The 364 day instrument, meanwhile, attracted approximately GH¢474.85 million in bids, with the government taking up about GH¢224.35 million.
The latest figures also point to a continued downward movement in Treasury bill yields, reinforcing the broader trend of declining government borrowing costs in the domestic financial market. The weighted average interest rate for the 91 day bill fell to approximately 4.64 per cent, while the corresponding rate for the 182 day instrument stood at about 6.31 per cent. The 364 day Treasury bill also recorded a decline, with its yield easing to approximately 9.80 per cent.
The reduction in yields comes against a backdrop of declining Treasury financing requirements and a broader shift in domestic financial conditions. Finance Minister Dr Cassiel Ato Forson has previously indicated that lower government borrowing requirements and declining Treasury bill rates are encouraging commercial banks to redirect more of their resources towards lending to businesses and other private sector participants.
Analysts at Databank Research expect investor demand to remain relatively subdued at the forthcoming auction. The research house anticipates that the Treasury’s comparatively modest financing requirement should nevertheless leave the auction adequately covered, while prevailing market conditions are expected to keep yields broadly stable.
The latest auction therefore presents a mixed picture of the domestic securities market. While the volume of investor interest has moderated, the government continues to attract sufficient demand to meet its immediate funding needs, at the same time as the cost of borrowing through Treasury bills continues to ease. The development is particularly significant for fiscal management because sustained reductions in short term borrowing costs could provide additional room for the government to manage its financing obligations while maintaining pressure on overall debt servicing costs.
The Bank of Ghana has published the official results for the latest Government of Ghana securities tender conducted on October 2, 2026, with the securities scheduled for issuance on October 5, 2026.
