T-bills auction: Government borrowed GH¢14bn in October 2026

In October 2026, the government successfully borrowed GH¢14.97 billion through treasury bill auctions, falling short of its GH¢15 billion target by GH¢1.40 billion. Despite the oversubscription of 21.99%, the government accepted less than the requested amount. Investor demand for T-bills remained relatively high, with most targets being exceeded in the auctions.

However, investor appetite cooled slightly in the final auction of the month, with bids dropping by 40.28% week-on-week to GH¢2.55 billion. The government managed to secure GH¢1.92 billion in subscriptions, 4.13% more than the targeted GH¢2.45 billion. The yields across tenors for the treasury bills decreased as well, with the 91-day, 182-day, and 364-day rates falling by 1.0 basis point, 3.0 basis points, and 7.0 basis points, respectively, to 4.60%, 6.26%, and 9.60%.

The government is planning to raise an additional GH¢3.54 billion through the issuance of 91-day, 182-day, and 364-day bills this week, which will help cover the maturing bills of GH¢3.21 billion.