T-bills: Gov’t exceeds target by 30%; interest rates decline again
The government exceeded its treasury bills target once again, the week in which the Minister of Finance presented the Mid-Year Budget Review on Thursday, 23rd July 2026. According to the auction results by the Bank of Ghana, the government achieved a 30.3% oversubscription of the T-bills auction. The government receive...
The government exceeded its treasury bills target once again, the week in which the Minister of Finance presented the Mid-Year Budget Review on Thursday, 23rd July 2026.
According to the auction results by the Bank of Ghana, the government achieved a 30.3% oversubscription of the T-bills auction.
The government received bids worth GH¢12.3 billion. However, it accepted GH¢11.5 billion.
The 364-day bill continued to be the most subscribed bill as GH¢8.1 billion of the bids were tendered, representing 65.5% of the total bids. The uptake was, however, GH¢7.8 billion.
The 182-day bill received bids of GH¢1.3 billion. A little above GH¢1.1 billion was accepted.
For the 91-day bill, GH¢2.9 billion of the bids were tendered. A little above GH¢2.6 billion of the bids were accepted.
Meanwhile, interest rates fell on the yield curve.
The yield on the 91-day bill went down by 11 basis points to 5.76%.
That of the 182-day bill also decreased to 7.68% from the previous week’s 7.78%.
Similarly, the yield on the 364-day dropped by 3.0 basis points to 12.96%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.95bn | 2.60bn |
| 182 Day Bill | 1.30bn | 1.12bn |
| 364 Day Bill | 8.11bn | 7.82bn |
| Total | 12.37bn | 11.54bn |
| Target | 9.492bn |