T-bills auction: Government exceeds target; 91-day and 182-day yield decline

The government successfully surpassed its target by approximately 12% in the latest treasury bills auction. In the final quarter of 2026, the government aims to raise GHȼ15.3 billion. A total of GH¢4.26 billion in bids were received from investors, but only GH¢3.9 billion was accepted.

The majority of the bids were for the 91-day bill, which garnered a little over GH¢2.8 billion, accounting for 67% of the total bids. The 182-day bill received about GH¢533.28 million in bids, while the 364-day bill drew GH¢873 million in bids. For the 91-day bill, the acceptance rate was GH¢2.51 billion, while for the 182-day bill, it was GH¢420 million. The 364-day bill saw an acceptance rate of GH¢420.24 million.

Interestingly, interest rates on the treasury bills saw a decline at the shorter end of the yield curve and an increase at the longer end. The yield on the 91-day bill decreased by one basis point to 4.61%. Similarly, the yield on the 182-day bill also fell by one basis point to 6.27%. However, the yield on the 364-day bill surged by four basis points to 9.75%.