Ghana’s treasury bill market continues to record strong investor interest, with bids significantly exceeding the government’s issuance targets.

Data from the Bank of Ghana shows that the latest auction held on February 13, 2026, attracted GH¢22.67 billion in bids, far above the government’s target of GH¢6.42 billion. Out of the total bids submitted, the government accepted GH¢8.99 billion across the 91-day, 182-day, and 364-day treasury bills.

The 91-day bill recorded strong participation, receiving bids of about GH¢7.64 billion, with GH¢3.41 billion accepted. The 182-day bill attracted bids worth approximately GH¢7.26 billion, out of which GH¢2.08 billion was accepted.

T-bills sales hit GH¢5.83 billion at February 6 auction

Similarly, the 364-day bill drew bids estimated at GH¢7.76 billion, with GH¢3.48 billion accepted by the government.

The strong demand is being driven by high liquidity in the financial system, competitive bidding among investors, and earlier bid rejections that are encouraging investors to offer lower rates to secure allocations. This has contributed to declining yields on treasury bills.

Despite falling interest rates, investors continue to show strong appetite for government securities, particularly longer-dated short-term instruments.

The government is aiming to raise GH¢9.32 billion in its next treasury bill auction.

Impact on the economy

The continued oversubscription signals growing investor confidence in government securities and helps the government borrow at lower interest rates, reducing its short-term debt servicing costs.

Lower yields may also encourage banks and investors to channel funds into private sector lending and investments, which could support business growth and economic activity.

However, strong demand for treasury bills can also limit credit available to businesses if financial institutions prefer the safety of government securities over lending to the private sector.

SP/MA

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