T-Bill Auction Records 162.9% Oversubscription as Yields Fall
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Treasury Bill Auction Records 162.9% Oversubscription, Yields Fall Further
Ghana’s Treasury bill auction was oversubscribed for the ninth straight time. It happened at the August 21, 2026 auction, and investor demand stayed strong even as yields kept falling.
The numbers tell the story. Investors tendered a total of GH¢14.27 billion. Government’s initial target was just GH¢5.43 billion.
That works out to a subscription rate of 262.9 percent. In plain terms, the auction was oversubscribed by 162.9 percent above target.
Government didn’t accept everything on offer, though. It took GH¢5.85 billion and rejected GH¢8.41 billion in bids. That’s an acceptance rate of about 41 percent of total bids tendered.
The 364-day bill drew the most interest by far. Investors tendered GH¢9.94 billion for it. Government accepted only GH¢2.69 billion.
The 91-day bill received GH¢3.12 billion in bids. GH¢2.40 billion of that was accepted.
The 182-day bill attracted GH¢1.20 billion in bids, with GH¢766.21 million accepted.
Strong demand pushed yields lower across the board.
The 91-day bill fell to 5.07 percent, down 39 basis points from 5.46 percent at the last auction.
The 182-day bill eased to 7.08 percent, down 19 basis points from 7.27 percent.
The 364-day bill saw the sharpest drop. Its yield fell 91 basis points, from 12.50 percent to 11.59 percent.
Analysts point to one main driver: recent Domestic Debt Exchange Programme (DDEP) coupon payments. These have injected fresh liquidity into the financial system.
That extra liquidity is giving the Treasury more room to borrow at lower yields, even with investor demand running high.
Government is targeting GH¢5.15 billion at its next primary market auction. It’ll again be raised across the 91-day, 182-day and 364-day tenors.
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