Ghana Government Secures GHS 8.29 Billion From Treasury Bill Auction
Short-term government securities attract strong investor demand, with the 91-day bill dominating accepted bids.
Nana Yaw Amoako | StatsGH |
2 min read3 min listen
Investors offered GHS 8.44 billion in total bids, with 98.31% of these bids accepted. The 91-day Treasury bill was particularly popular, attracting GHS 6.04 billion in bids, all of which were accepted. This accounted for about 72.78% of the total accepted bids, demonstrating a clear preference for the shortest-dated securities.
This strong demand for short-term bills reflects how investors are currently thinking about the market. They are balancing the need for higher returns, also called yield expectations, with how easily they can sell their investments and the risk of holding them for a long time. Analysts believe the market remains focused on short-term investments due to ongoing concerns about inflation, interest rate movements, and the government’s borrowing needs.
According to the fixed income market update by SIC Brokerage Limited, the 364-day bill received GHS 1.30 billion in bids, with GHS 1.22 billion accepted. The 182-day bill saw GHS 1.10 billion tendered, and the government accepted GHS 1.04 billion. The 91-day bill’s strong performance, making up 73% of the total amount raised, indicates investors prioritize quick access to their money.
Yields, which are the returns investors get, showed mixed movements. The yield on the 91-day bill increased to 5.04%, up 61 basis points from the previous week. The 364-day bill's yield also rose to 10.98%, an increase of 127 basis points. However, the 182-day bill’s yield decreased by 20 basis points to 7.08%. These changes suggest investors are more selective in their pricing decisions across different maturities.
Beyond Treasury bills, the broader yield curve shows that investors generally demand higher returns for longer-term government securities. For example, a 2-year instrument offers 9.92%, while a 10-year security yields 14.70%. This rising curve signals market expectations for future interest rates and inflation over different time horizons.
The latest auction follows a robust period for the Ghana Fixed Income Market (GFIM) in May 2026. GFIM recorded GHS 26.57 billion in total market volume, a 39.30% increase from May 2025. Market value also jumped by 55.86% to GHS 24.53 billion in May 2026 compared to May 2025. This sustained activity in the secondary market indicates healthy investor confidence and increased trading volumes.
For the next auction, scheduled for June 19, 2026, the government aims to raise GHS 5.27 billion. This target is 28.97% lower than the recent auction. This reduced target might influence how investors bid, especially if they expect the government to manage its borrowing carefully. The continued dominance of the 91-day bill, however, strongly suggests that investors will prioritize readily available funds in the near future.