Data from the Bank of Ghana indicate that the government’s Treasury bill auction held on January 30, 2026 was heavily oversubscribed, recording an oversubscription rate of 144%.
This marks the fifth consecutive Treasury bill auction to attract bids well above the government’s target. Against a target of GH¢6.997 billion, total bids reached GH¢17.106 billion, reflecting strong investor appetite. Out of this amount, the government accepted GH¢12.306 billion, exceeding its target by 75.88%.
Funds were raised across all three tenors—91-day, 182-day and 364-day bills—as part of efforts to manage short-term financing needs. The 91-day bill attracted GH¢5.909 billion in bids, with GH¢2.785 billion accepted at a yield of 10.83%. For the 182-day bill, GH¢3.549 billion was accepted from bids totalling GH¢4.654 billion at a yield of 12.38%.
The 364-day bill drew the highest interest, recording GH¢6.541 billion in bids. The government accepted GH¢5.971 billion at a yield of 12.82%.
Although demand was strong across all maturities, the government was selective in its acceptances to maintain fiscal discipline.
Analysts attribute the sustained oversubscription to renewed confidence in the money market, supported by easing inflation—recorded at 5.4% in December 2025—a relatively stable cedi and a monetary policy rate of 15.5%. High liquidity in the banking sector and investor preference for safe assets following progress in Ghana’s debt restructuring have also boosted demand.
Looking ahead, the government has set a target of GH¢4.976 billion for the next Treasury bill auction scheduled for February 6, 2026, with market analysts anticipating another strong outcome amid improving macroeconomic conditions.
