BY Issah Olegor
Investor appetite for Ghanaian government securities surged dramatically in the latest treasury bills auction, with bids exceeding the government’s target by 253%, highlighting a sharp increase in confidence and demand for short-term government debt.
According to the Bank of Ghana’s auction results released on February 15, 2026, total bids received amounted to over GH¢22.6 billion, significantly surpassing the government’s issuance target of GH¢6.41 billion.
Out of the total bids, GH¢13 billion were rejected, while GH¢8.99 billion were accepted for allocation across the 91-day, 182-day, and 364-day treasury bills.
The 364-day bill attracted the largest volume of bids, with GH¢7.76 billion tendered, representing 34.2% of total bids.
However, only GH¢3.48 billion was accepted. Similarly, the 91-day and 182-day bills saw GH¢7.64 billion and GH¢7.26 billion in bids tendered, respectively, with accepted amounts of GH¢3.41 billion and GH¢2.08 billion.
The high oversubscription across all tenors demonstrates the strong preference among investors for relatively secure government instruments amid prevailing macroeconomic conditions.
Yields across all tenors fell sharply, reflecting lower borrowing costs for the government and a strong demand environment.
The yield on the 91-day bill dropped by 136 basis points to 8.60%, while the 182-day bill eased to 10.67% from 11.81%.
The 364-day bill yield declined by 100 basis points to 11.06%, representing one of the most significant reductions in recent months.
Market analysts attribute the surge in bids and declining yields to improved liquidity in the financial system, investor confidence in the government’s fiscal management, and expectations of continued macroeconomic stability.
The dramatic oversubscription also signals a growing domestic appetite for secure short-term assets, as investors reposition portfolios amid a backdrop of falling interest rates and a relatively stable cedi.
This record-breaking auction builds on previous weeks of strong demand for treasury bills, underscoring a trend where the government securities are increasingly seen as attractive investment instruments despite earlier concerns over inflation and debt sustainability.
The strong investor response marks a continuation of a positive trajectory for the domestic debt market, highlighting both the effectiveness of government debt management strategies and the resilience of domestic financial markets in attracting capital.
