After nearly two months of weak demand, Ghana’s Treasury bill (T-bill) market has seen a stunning reversal, with a 286% oversubscription recorded during the latest auction. According to a report reviewed by Accra Street Journal, the government received bids totaling GH¢20.9 billion, nearly quadrupling its GH¢5.4 billion target.
For the past eight weeks, the government has struggled with undersubscriptions on the T-bill market, largely due to falling interest rates. This trend led many investors to shift towards Bank of Ghana instruments that offered better yields.
However, the latest auction marked a turning point. Investors flooded the market with bids, showing a sharp rebound in confidence. The 91-day bill was the most subscribed, drawing in GH¢13.8 billion in bids, followed by GH¢4.2 billion for the 182-day bill, and nearly GH¢3 billion for the 364-day bill.
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In a surprising move, the government accepted GH¢10.6 billion out of the GH¢20.9 billion in bids, almost doubling its original target. This is the first time in months that the government has taken in more than it initially sought to borrow.
Ironically, this major show of investor interest came at a time when yields were declining. The 91-day rate dropped from 14.66% to 13.73%, the 182-day fell to 14.62% from 15.03%, and the 364-day rate declined to 14.74% from 15.42%.
It remains unclear what triggered this sudden investor rush despite lower returns. Analysts who spoke to Accra Street Journal suggest that shifting macroeconomic sentiments, improved liquidity, or institutional repositioning could be driving the renewed appetite.
Nonetheless, this development is positive for the government, which was able to raise more funds at a cheaper cost. The Ministry of Finance is now targeting GH¢7.7 billion in the next auction, and market observers are watching to see whether this surge in investor interest is sustainable or merely temporary.
Last Updated on July 21, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
