The government has recorded its eighth consecutive oversubscription at the Treasury bills auction on Friday, August 14, 2026, attracting bids of GH¢11.279 billion against an initial target of GH¢5.993 billion.
The strong demand underscores the continued use of Treasury bills by the government to raise short-term financing and manage its immediate funding needs.
The strong demand translates into a subscription rate of 188.21 percent and an oversubscription rate of 88.21 percent.
However, the government accepted GH¢4.88 billion, representing an acceptance rate of 43.28 percent of total bids and about 81.46 percent of its target.
For the 91-day bill, investors offered GH¢5.066 billion, of which the government accepted GH¢4.065 billion at a yield of 5.46 percent.
The 182-day bill attracted GH¢1.281 billion in bids, with GH¢526.44 million accepted at a yield of 7.27 percent.
Meanwhile, the 364-day bill received strong investor interest, with offers reaching GH¢4.931 billion.
The government, however, accepted just GH¢289.70 million at a yield of 12.50 percent.
The auction comes amid a continued decline in Treasury bill yields, even as investor demand remains robust.
The results indicate that investors continue to show a strong appetite for government securities despite lower returns.
The government’s decision to accept below its target also suggests a cautious approach to borrowing as yields continue to ease.
By Eben Agyekum-Boateng
