T-Bills: Government Raises GH¢6.33 Billion, Surpassing Auction Target

The Government of Ghana has successfully raised GH¢6.33 billion through its latest Treasury bill auction, exceeding its initial target by GH¢1.06 billion. The auction, overseen by the Bank of Ghana, saw strong investor demand and marked a rebound from recent undersubscriptions.

According to Bank of Ghana results, the treasury had aimed to raise GH¢5.26 billion, but bids totaling GH¢6.507 billion were submitted, representing a 23.5% oversubscription of demand. Of that amount, GH¢6.33 billion was accepted.

Among the bills, the 91-day T-bill dominated investor interest, accounting for more than 83% of all bids (about GH¢5.415 billion tendered, nearly all of which was accepted). The 182-day and 364-day instruments attracted GH¢941.7 million and GH¢150.49 million in bids, respectively, with the government accepting portions of those amounts.

Yield movements show a modest rise in the 91-day yield to 10.53%, while yields on the longer bills either held steady or dipped slightly: the 182-day yield fell to 12.30%, and the 364-day yield edged slightly upward to 12.87%.

The strong showing suggests renewed investor confidence in Ghana’s short-term securities after weeks of weaker demand. For the government, the oversubscription provides critical breathing room in its liquidity management and helps meet near-term financing obligations.

Still, analysts caution that sustaining demand will depend on continued macroeconomic stability, prudent fiscal policy, and consistent delivery on reform commitments. The T-bill market will remain a key barometer of investor sentiment in Ghana’s Treasury and capital markets.

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