Government surpasses treasury bill target, raises GHS 8.29billion
Government exceeded its Treasury bill target at the latest auction, raising GHS 8.29 billion against a projected GHS 7.43 billion, reflecting strong investor confidence and sustained demand for short-term government securities.
Data released by the Bank of Ghana showed that total bids submitted for the 91-day, 182-day and 364-day Treasury bills amounted to GHS 8.44 billion. Of this amount, GHS 8.29 billion was accepted, representing an acceptance rate of 98.31 per cent.
The amount raised surpassed the government's target by GHS 868.98 million, equivalent to 11.7 per cent above the intended borrowing level.
Demand remained concentrated on the shorter-term instruments, with the 91-day bill attracting the highest level of investor interest. Government accepted the entire GHS 6.04 billion tendered for the instrument, accounting for 72.8 per cent of the total funds raised.
For the 182-day Treasury bill, investors submitted bids worth GHS 1.10 billion, out of which GHS 1.04 billion was accepted. The 364-day bill recorded bids of GHS 1.30 billion, with GHS 1.22 billion accepted.
The auction results underscore investors' continued preference for short-term securities, driven by the need for liquidity, lower risk exposure and predictable returns amid prevailing market conditions.
Interest rates remained relatively stable across the three maturities. The 91-day bill cleared at a weighted average yield of 5.04 per cent, while the 182-day bill settled at 7.08 per cent. The 364-day bill recorded a yield of 10.98 per cent, maintaining a higher return compared to the shorter-term instruments.
Accepted rates for the 91-day bill ranged from 4.86 per cent to 5.58 per cent. The 182-day bill was allotted at rates between 7.00 per cent and 7.15 per cent, while accepted rates for the 364-day bill ranged from 10.50 per cent to 11.25 per cent.
Compared to the previous auction held on June 5, 2026, government borrowing increased significantly. At that auction, total bids stood at GHS 6.09 billion, with GHS 5.83 billion accepted. The latest accepted amount of GHS 8.29 billion therefore represents a 42.2 per cent increase over the previous week's sale.
The strong performance highlights continued confidence in government securities and provides additional short-term financing support as authorities manage domestic revenue mobilisation, expenditure commitments and debt servicing obligations.
For investors, Treasury bills remain an attractive low-risk investment option for managing liquidity and earning cedi-denominated returns, particularly among banks, pension funds, fund managers, corporate institutions and individual investors.
The latest auction also reinforced the dominance of the 91-day bill in the domestic debt market, with investors showing a clear preference for shorter maturities over longer-dated instruments.