The government has recorded its eighth consecutive oversubscription at the Treasury bills auction, with investors submitting GH¢11.28 billion in bids against a target of GH¢5.99 billion.
The auction, held on Friday, August 14, 2026, represents an 88.2% oversubscription, reflecting continued strong demand for government securities despite falling yields.
The government, however, accepted only GH¢4.88 billion, below its target, indicating a more cautious approach to short-term borrowing.
The 91-day bill attracted the highest demand, receiving GH¢5.07 billion in bids, of which GH¢4.07 billion was accepted at a yield of 5.46%.
The 182-day bill received GH¢1.28 billion, with GH¢526.44 million accepted at 7.27%, while investors tendered GH¢4.93 billion for the 364-day bill. Only GH¢289.70 million was accepted at a yield of 12.50%.
Yields declined across all three instruments, with the 91-day rate falling by 16 basis points, the 182-day rate by 25 basis points and the 364-day rate by 48 basis points.
For the next auction, the government plans to raise GH¢5.43 billion through the issuance of 91-day, 182-day and 364-day Treasury bills, following the strong investor demand recorded at the latest auction.
