Government of Ghana Surpasses Treasury Bill Target in January Auction

Accra: The Government of Ghana exceeded its Treasury bill target in the third week of January, recording strong investor demand and an oversubscription of GHS2.938 billion. Data released by the Bank of Ghana (BoG) indicated that the government raised GHS10.057 billion at its latest Treasury bill auction, above the target of GHS7.149 billion. According to Ghana News Agency, the auction, Tender 1990, held on Friday, January 16, 2026, attracted total bids of GHS10.087 billion from primary dealers and investors. Out of the total bids tendered, the government accepted GHS10.057 billion, representing about 99.7 per cent of subscriptions. The 364-day bill recorded the highest investor interest, with bids amounting to GHS4.61 billion, of which GHS4.60 billion was accepted. The 91-day and 182-day bills also recorded strong demand, with accepted amounts of GHS2.74 billion and GHS2.708 billion, respectively. Interest rates remained broadly stable compared to previous weeks, with the weighted average rate on the 91-da y bill at 11.19 per cent, while the 182-day and 364-day bills settled at 12.64 per cent and 12.98 per cent, respectively. The government has set a higher target of GHS9.825 billion for the next auction, Tender 1991, as it continues to rely on the domestic market to finance the 2026 Budget and refinance maturing obligations. Securities issued under Tender 1990 are expected to be settled on Monday, January 19, 2026.