The Bank of Ghana exceeded its Treasury bill target at its 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 central bank.

According to the Bank of Ghana's auction results published 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.

"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," the report added.

The 364-day Treasury bill attracted the highest investor interest, 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, of which GH¢1.34 billion was accepted. The 182-day bill attracted GH¢461.91 million in tenders, with GH¢378.80 million 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, rising to 12.82% from 11.36%.

Meanwhile, the upward trend in yields is expected to 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 auction.

ANAS/MA

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