T Bill Auction Records 41.5 Percent Oversubscription Yields Ease Further

Investor demand for Treasury bills on the primary market strengthened significantly at the latest auction. Total bids nearly doubled to GH¢5.01 billion from GH¢2.55 billion recorded at the previous auction. The report was published today, Monday, November 9, 2026 at 04:43am. The news has sparked huge interest among investors. Many Ghanaians say the economy is showing signs of stability.

According to data from the Bank of Ghana, investors tendered GH¢5.01 billion across the 91 day, 182 day and 364 day bills. The report was published by Citi Newsroom on Monday, November 9, 2026. The report said the bids exceeded the government target of GH¢3.54 billion by GH¢1.47 billion. The report said this represents an oversubscription of 41.5 percent.

The Treasury accepted GH¢4.11 billion of the bids submitted. According to a report by Citi Newsroom, the accepted amount exceeded the target by GH¢563.96 million. The report said the Treasury entered the market to roll over maturing bills worth GH¢3.21 billion. The report said stronger demand shows investor interest in government securities.

The 91 day bill remained the most sought after instrument. According to a report by MyJoyOnline, the 91 day bill attracted slightly more than GH¢3.0 billion in offers. The report said this was 59 percent of all bids tendered. The report said the uptake was about GH¢2.9 billion.

Yields on Treasury bills were mixed along the yield curve. According to a report by MyJoyOnline, the yield on the 91 day bill settled at 4.56 percent. The report said the yield on the 182 day bill declined to 6.20 percent from 6.26 percent. The report said the yield on the 364 day bill decreased by 12 basis points to 9.48 percent.

In an interview with Ghana News Agency, an official of the Bank of Ghana said the auction was Tender 2032. The official said the tender was held on November 6 for securities to be issued on November 9. He said the auction is open only to Primary Dealers. He said the Ghana News Agency report shows that the Bank will publish results for each tender.

Speaking to Joy News, an economist in Accra said lower yields reduce government borrowing costs. He said lower yields also mean lower returns for investors. He said investors still prefer short term bills for liquidity. He said the Joy News interview shows that confidence is returning gradually.

Madam Efua Mensah at Accra said she saves with Treasury bills. She said she sells food at Accra Central Market every day. She said she wants safe places to keep her money. She said she hopes interest rates will stay stable.

Mr. Kwame Boateng at Kumasi said he is a driver in Kumasi. He said drivers in Kumasi hear about Treasury bills on radio. He said he wants to learn how to invest. He said he hopes banks will explain Treasury bills simply.

Mr. Ibrahim Musa at Tamale said he is a teacher in Tamale in the Northern Region. He said teachers in Tamale save for school fees. He said Treasury bills help government to pay salaries. He said he hopes the economy will keep improving.

According to a report by 3News, the rebound in demand comes after subscriptions softened at the final auction of October. The report said total bids dropped to GH¢2.55 billion at that auction. The report said the government accepted GH¢1.92 billion then. The report said across October, investors tendered GH¢19.9 billion against a target of GH¢16.37 billion.

In an interview with Ghana News Agency, an official of the Ministry of Finance said the government will target GH¢5.57 billion at the next auction. He said the next auction will cover 91 day, 182 day and 364 day bills. He said the government wants to manage debt sustainably. He said the Ghana News Agency report shows that the Treasury will continue to reject costly offers.

The Bank of Ghana called on all investors to follow official auction results. The Bank said the results are published after each tender. The Bank said investors should compare rates across maturities. The government asked all Ghanaians to support efforts to stabilise the economy.

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