Treasury Bills begin 2026 oversubscribed as investor demand remains strong

Investor confidence in government securities has carried firmly into the new year, with the Treasury recording another oversubscribed Treasury bill auction to open 2026.

Figures from the Bank of Ghana show the auction was over-subscribed by 19.8 per cent, extending the streak to six consecutive oversubscriptions and reinforcing strong investor appetite for treasury instruments.

Bids totaling GH¢4.78 billion were submitted across the 91-day, 182-day and 364-day bills. The government accepted GH¢4.21 billion, surpassing its target of GH¢3.99 billion.

The 91-day bill remained the most attractive to investors, drawing GH¢1.95 billion in bids, of which GH¢1.94 billion was accepted.

Interest in the 182-day bill stood at GH¢1.22 billion, with GH¢1 billion taken up, while the 364-day bill attracted GH¢1.6 billion in bids, out of which GH¢1.26 billion was accepted.

Market analysts attribute the sustained oversubscription to relatively short maturity profiles and issuance targets that remain below prevailing market liquidity levels.

Interest rates recorded marginal movements, reflecting strong demand at the auction. The yield on the 91-day bill edged up by 2 basis points to 11.11 per cent, while the 182-day bill rose by 3 basis points to 12.55 per cent from 12.52 per cent in the previous auction. In contrast, the 364-day bill eased slightly, falling by 1 basis point to 12.93 per cent.

At the next auction, the Treasury aims to raise GH¢7.56 billion across the three short-term instruments, as it continues to tap into robust market demand to meet its financing requirements.