Government exceeds T-bill target as investor demand surges

The Bank of Ghana exceeded its Treasury bill target at the latest auction after strong investor demand pushed total bids to GH¢7.37 billion, with more than GH¢6 billion accepted, according to auction results released by the Bank of Ghana.

According to reports by the bank on Monday, June 29, 2026, it accepted GH¢6.01 billion out of the GH¢7.37 billion tendered across the 91-day, 182-day and 364-day Treasury bills, surpassing its initial target by more than GH¢1.4 billion.

The outcome represents an oversubscription of about 31%, signalling renewed investor appetite for short-term government securities.

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"The auction recorded a strong investor response, with bids significantly exceeding the government's target," the results showed.

"The oversubscription reflects growing demand for Treasury bills as yields continue to trend upwards," it added.

The 364-day Treasury bill attracted the highest interest from investors, recording GH¢5.43 billion in bids. Of that amount, the government accepted GH¢4.29 billion, accounting for the bulk of the funds mobilised during the auction.

Demand for the shorter-term instruments also remained strong. Investors submitted GH¢1.48 billion in bids for the 91-day bill, with GH¢1.34 billion accepted, while the 182-day bill attracted GH¢461.91 million in tenders, out of which GH¢378.80 million was accepted.

Yields increased across all three tenors, with the 91-day bill rising to 5.73% from 5.30%, the 182-day bill climbing to 7.69% from 7.13%, and the 364-day bill recording the sharpest increase, moving to 12.82% from 11.36%.

However, analysts and policymakers believe the upward adjustment in yields will continue to attract investors in the coming weeks.

"Should yields maintain their current trajectory, demand is expected to remain robust at subsequent auctions," they noted.

The government is targeting GH¢3.37 billion in its next Treasury bill sale.

ANAS/MA

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