The government rejected about GH¢874 million in bids at its latest Treasury bill auction after receiving more offers from investors than it intended to accept.

Investors offered GH¢4.27 billion, but the government accepted GH¢3.39 billion, according to the published auction figures.

The amount accepted was about 18% higher than the government’s target of GH¢2.87 billion.

The 91-day bill attracted the most interest, with investors offering GH¢2.86 billion. The government accepted GH¢2.55 billion.

However, the interest rate on the 91-day bill fell slightly to 4.61% from 4.62% the previous week.

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For the 182-day bill, investors offered GH¢533.28 million, of which the government accepted GH¢420.66 million. The interest rate also declined to 6.27% from 6.31%.

Meanwhile, the government accepted GH¢420.24 million out of the GH¢873.69 million offered for the 364-day bill.

The interest rate on the 364-day bill rose to 9.75% from 9.71%, offering investors a higher return for locking in their money for one year.

The decline in rates on the 91-day and 182-day bills means the government will pay less interest on funds borrowed through those instruments, while the increase in the 364-day bill’s rate raises its borrowing cost for that tenor.

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The auction comes after the government announced plans to raise GH¢15.3 billion through Treasury bills in the final three months of 2026.

DR/MA

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