The Government of Ghana has exceeded its treasury bills borrowing target by 41%, raising approximately GH¢5.01 billion through the latest auction, according to results released by the Bank of Ghana (BoG).
The strong uptake comes after government borrowed approximately GH¢14 billion through short-term debt instruments in October 2026, highlighting its continued reliance on domestic borrowing to finance public expenditure and manage cash flow requirements.
According to the latest Bank of Ghana auction results, government accepted bids amounting to GH¢4.10 billion, exceeding its targeted borrowing amount.
The 91-day treasury bill attracted the largest share of investor interest, receiving slightly more than GH¢3.0 billion in bids, representing approximately 59% of total subscriptions. Government accepted about GH¢2.9 billion from the short-term instrument.
91-Day Treasury Bill Attracts Strong Investor Demand
The 91-day treasury bill remained the most subscribed instrument during the latest government securities auction, reflecting sustained investor interest in short-term government debt.
The 182-day treasury bill also recorded bids of approximately GH¢1.6 billion. However, government accepted GH¢934.50 million from the subscriptions received.
Meanwhile, the 364-day treasury bill attracted approximately GH¢388 million in bids, out of which government accepted slightly more than GH¢243.15 million.
The auction results indicate varying levels of investor demand across the three government securities, with the 91-day instrument attracting the largest volume of subscriptions.
Ghana Treasury Bills Interest Rates Record Mixed Movements
Despite the strong demand for government securities, treasury bill interest rates recorded mixed movements across the yield curve.
The yield on the 91-day treasury bill increased by 2.0 basis points to 4.56%, compared with the previous auction.
In contrast, the interest rate on the 182-day treasury bill declined to 6.20% from 6.26% recorded in the preceding week.
The 364-day treasury bill also recorded a decline, with its yield falling by 12.0 basis points to 9.48%.
The mixed performance reflects changing conditions in Ghana’s domestic debt market as government continues to mobilise funds through short-term securities.
Government Borrowing and Ghana’s Domestic Debt Market
The latest treasury bills auction highlights government’s continued use of short-term debt instruments to raise funds from the domestic financial market.
Treasury bills remain an important investment option for banks, institutional investors and individuals seeking returns from government-backed securities.
The movement in treasury bill rates is also closely monitored by investors because it influences investment decisions, domestic borrowing costs and liquidity conditions within Ghana’s financial system.
With government continuing to rely on domestic borrowing, future treasury bill auctions will remain important indicators of investor confidence, demand for government securities and developments in Ghana’s money market.
Source: newsthemegh.com