Investor confidence in the treasury market carried strongly into the new year, as the government opened 2026 with yet another oversubscribed Treasury bill auction.

Latest data from the Bank of Ghana shows that the auction was over applied by 19.8 per cent, marking the sixth consecutive oversubscription and sending a clear signal of sustained investor appetite for government securities.

In total, investors submitted GH¢4.78 billion in bids across the 91 day, 182 day and 364 day bills. Of this amount, the Treasury accepted GH¢4.21 billion, exceeding its initial target of GH¢3.99 billion.

The 91 day Treasury bill continued to dominate investor preference, attracting bids worth GH¢1.95 billion, almost all of which GH¢1.94 billion were accepted.

Demand for the 182 day bill reached GH¢1.22 billion, with GH¢1 billion accepted, while the 364 day bill recorded bids of GH¢1.6 billion, out of which GH¢1.26 billion was taken up by government.

Analysts insist that relatively low maturity profiles and targets below current market liquidity levels can be largely attributed to the sustained oversubscriptions.

Interest rates edged up marginally across most maturities, underscoring strong demand at the auction.
The yield on the 91 day bill rose by 2 basis points to 11.11 per cent.

The 182 day bill increased by 3 basis points to 12.55 per cent, up from 12.52 per cent in the previous auction.

Meanwhile, the 364 day bill saw a slight dip, easing by 1 basis point to 12.93 per cent.

Looking ahead, the Treasury is seeking to raise GH¢7.56 billion across the three short-term instruments at its next auction, as it continues to leverage strong market demand to meet its financing needs.