Treasury Bill Demand Surges as Government Exceeds Borrowing Target by 76.4%

According to a report by MyJoyOnline published on October 11, 2026, investor demand for Ghana’s Treasury bills has strengthened significantly, with the government receiving bids worth GH¢5.06 billion, exceeding its target of approximately GH¢2.87 billion by 76.4%.

The latest auction results, released by the Bank of Ghana, show that the Treasury accepted GH¢4.40 billion of the total bids submitted. The improved demand comes despite earlier predictions by some analysts that investor interest in the short-term government securities would remain relatively weak.

Treasury bills are short-term government debt instruments used to raise money to finance public expenditure. Investors who purchase them lend money to the government and receive returns based on the interest rate offered.

The 91-day Treasury bill attracted the highest level of investor interest. It received bids worth approximately GH¢3.28 billion, representing about 64.9% of total demand. The government accepted GH¢3.01 billion from this category.

The 182-day Treasury bill attracted bids of approximately GH¢1.31 billion, of which about GH¢1.26 billion was accepted. Meanwhile, investors submitted approximately GH¢468.92 million for the 364-day bill, but the Treasury accepted only about GH¢136.26 million. Alongside the increase in demand, interest rates continued to decline across all three Treasury bill categories.

The yield on the 91-day bill fell by four basis points to 4.60%. The 182-day bill’s yield decreased from 6.31% to 6.27%, while the 364-day bill recorded a five-basis-point decline to 9.75%.

Lower yields could help reduce the government’s borrowing costs, allowing it to raise funds at comparatively lower interest rates. However, investors purchasing new Treasury bills may receive lower returns than those offered at previous auctions.

The latest results indicate renewed investor appetite for government securities. Nevertheless, the long-term implications will depend on future auction results, inflation trends and broader economic conditions.

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