Government’s latest Treasury bill auction has recorded an undersubscription for the first time after 12 weeks of oversubscription.
The exercise on Friday, September 18, 2026, saw investors offering GHC3.956 billion against a target of GHC4.121 billion.
The September 18 auction covered the standard 91-day, 182-day and 364-day Treasury bills.
The total amount offered represents a subscription rate of about 96 per cent, leaving government with an undersubscription rate of about 4 per cent, equivalent to GHC165 million below the target of GHC4.121 billion.
The undersubscription comes just ahead of the Bank of Ghana’s policy rate decision, scheduled for Thursday, September 24, 2026.
Investors offered GHC3.956 billion. Government, however, accepted GHC2.212 billion.
The 91-day bill attracted the highest demand, with investors offering GHC2.289 billion, while government accepted GHC1.876 billion at a yield of 4.69 per cent.
For the 182-day bill, investors offered GHC452.79 million, with GHC224.96 million accepted by government at a declined yield of 6.48 per cent.
The 364-day bill attracted GHC1.214 billion in bids, but government accepted only GHC110.52 million. Its yield declined to 10.98 per cent.
The latest auction comes amid continued declines in yields on the longer-dated Treasury bills, pointing to changing conditions in the domestic money market.
Eben Agyekum-Boateng, 3Business
