The government has surpassed its Treasury bill (T-bills) target in the latest auction conducted by the Bank of Ghana (BoG), reflecting strong investor appetite for short-term government securities.
According to the results of Tender 2010 held on June 5, 2026, the government aimed to raise GH¢5.442 billion from the issuance of 91-day, 182-day, and 364-day Treasury bills. However, total accepted bids amounted to approximately GH¢5.832 billion, exceeding the initial target by about GH¢389.86 million.
Investor interest in the auction was notably high, with total bids submitted reaching around GH¢6.092 billion. This level of participation indicates sustained confidence in government debt instruments and suggests adequate liquidity within the domestic financial system.
Breaking down the performance by tenor, the 91-day Treasury bill attracted the highest demand. Investors submitted about GH¢3.563 billion, of which GH¢3.508 billion was accepted. The 182-day bill recorded bids of GH¢1.714 billion, with GH¢1.684 billion taken up by the government.
Meanwhile, the 364-day bill saw GH¢816 million in total bids, but only GH¢640 million was accepted, reflecting comparatively lower demand at the longer end of the yield curve.
In terms of pricing, the 91-day bill recorded an average interest rate of about 5.01 percent. The 182-day bill followed with an average rate of approximately 7.09 percent, while the 364-day instrument attracted the highest yield at about 10.84 percent, in line with the longer maturity risk premium.
The next auction, Tender 2011, is projected to target GH¢7.425 billion as the government continues its domestic borrowing programme.
