Government exceeds treasury bill target after strong investor demand

The Government of Ghana has exceeded its treasury bill target for the first time in nearly two months following a sharp increase in investor demand at the latest auction held on May 8, 2026. After weeks of underperformance on the domestic market, the Treasury recorded a major turnaround as investors submitted bids worth GHC7.830 billion against a target of GHC4.349 billion. Capitalising on the strong market response and high liquidity, the government accepted GHC6.087 billion across the 91-day, 182-day and 364-day treasury bill instruments. The 91-day bill attracted the highest demand, with investors offering GHC5.715 billion. Government accepted GHC4.374 billion at a yield of 4.88 per cent. For the 182-day bill, bids reached GHC651.22 million, out of which GHC571.64 million was accepted at a yield of 7.03 per cent. The 364-day bill also recorded strong interest, attracting GHC1.462 billion in bids. Government accepted GHC1.141 billion at a yield of 10.13 per cent. The auction recorded a subscription rate of 180.04 per cent, an oversubscription rate of 80.04 per cent and an acceptance ratio of 77.74 per cent. Analysts say the oversubscription reflects renewed investor confidence in short-term government securities, supported by improving market liquidity and a stabilising interest rate environment. The successful auction is expected to provide some relief for fiscal managers as government works to stabilise domestic borrowing and strengthen confidence in the financial market.