Government’s Treasury bill auction on Friday, September 11, 2026, was oversubscribed for the 12th consecutive week, reflecting continued strong investor demand for government securities.
The auction was oversubscribed by GHc209.73 million, representing an oversubscription rate of 2.63 per cent.
The persistent oversubscription also suggests that demand remains relatively strong despite the declining yields. Investors submitted bids totaling GHC8.179 billion, exceeding government’s target of GHC7.970 billion.
However, government accepted GHC7.205 billion, translating into an acceptance rate of 88.09 per cent of total bids.
This means government accepted about 90.41 per cent of its targeted amount, leaving a GHC764.27 million gap between the target and the amount actually accepted.
The 91-Day Bill attracted GHC4.561 billion in bids, with GHC4.521 billion accepted by government at a yield of 4.69 per cent.
The 182-Day Instrument received GHC2.071 billion in offers, of which government took GHC1.816 billion at a yield of 6.51 per cent.
Meanwhile, the 364-Day Bill attracted bids amounting to GHC1.562 billion, with government accepting GHC867.93 million at a yield of 10.10 per cent.
The auction results point to sustained investor appetite for government securities, even as returns continue to soften.
Overall, the latest auction reinforces the trend of strong participation in the Treasury bill market, while the government continues to secure funding at progressively lower yields.
Eben Agyekum-Boateng, 3Business
