Ghana Falls Short of October T-Bills Target Despite GH¢19.9bn Investor Bids

Ghana’s government accepted approximately GH¢14.97 billion through Treasury bill auctions in October 2026, falling short of its overall borrowing target despite strong investor demand for short-term government securities.

Data from the October auction results indicate that investors submitted bids totalling approximately GH¢19.97 billion against a cumulative target of GH¢16.27 billion. However, the Treasury accepted only GH¢14.97 billion, leaving about GH¢5 billion in bids unaccepted.

The figures represent an oversubscription of approximately 22 per cent, suggesting that investor interest remained relatively strong throughout much of the month.

The government’s borrowing activities were conducted through three main Treasury bill instruments: the 91-day, 182-day and 364-day securities.

The 91-day Treasury bill attracted the largest share of investor interest, receiving bids worth approximately GH¢1.51 billion at the final October auction. The government accepted GH¢1.23 billion of those offers.

The 182-day instrument attracted GH¢423.74 million in bids, with GH¢395.74 million accepted, while the 364-day bill received GH¢613.83 million in bids, of which GH¢292.12 million was accepted.

Investor demand moderates towards month-end

Despite the strong cumulative demand recorded during October, investor appetite weakened at the final auction of the month.

Total bids declined by approximately 40 per cent week-on-week to GH¢2.55 billion, compared with the previous week’s figures.

Although bids exceeded the final auction target of GH¢2.45 billion by about four per cent, the Treasury accepted only GH¢1.92 billion, reflecting its selective approach to domestic borrowing.

Treasury bill yields continue to decline

Interest rates on all three Treasury bill maturities also recorded marginal declines during the final auction.

The 91-day bill yield dropped to 4.60 per cent, while the 182-day instrument declined to 6.26 per cent. The 364-day bill recorded a larger reduction, falling to 9.60 per cent.

The downward movement in yields suggests that the government was able to secure some domestic financing at lower interest rates, although future borrowing costs will depend on investor demand, market liquidity and broader economic conditions.

The October figures highlight the government’s continued reliance on the domestic debt market to meet its financing requirements, while its decision to reject a substantial portion of submitted bids reflects a cautious approach to managing borrowing costs.

Attention will now turn to subsequent Treasury bill auctions to determine whether investor demand and declining yields can be sustained.