Ghana’s government fell dramatically short of its Treasury bill target last week, missing its mark by 55%—the steepest undersubscription recorded this year.
According to data released by the Bank of Ghana, the government secured only GH¢2.92 billion in bids against a target of GH¢6.57 billion, a sharp reversal from the 23% oversubscription achieved the previous week.
Out of the total bids tendered, GH¢2.08 billion was accepted. The bulk of investor interest remained in the 91-day bill, which accounted for about 71.2% of total bids—down from 83% a week earlier.
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For the 91-day bill, investors tendered approximately GH¢2.085 billion, with nearly all (GH¢2.080 billion) accepted. The 182-day bill saw bids of GH¢704.6 million, of which GH¢699 million were accepted. Meanwhile, the 364-day bill attracted GH¢136.5 million in bids, with GH¢110 million taken up.
Despite the weak subscription, yields continued to edge higher across all maturities. The 91-day yield climbed 16 basis points to 10.69%, while the 182-day yield increased to 12.43% from 12.30% the prior week. The 364-day yield also rose slightly by 5 basis points to 12.92%.
The undersubscription underscores the government’s growing struggle to attract short-term financing amid tighter liquidity conditions and cautious investor sentiment. Analysts say the steep miss could pressure the Ministry of Finance to adjust future auction strategies or raise yields further to meet its short-term funding needs.
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
|---|---|---|
| 91-Day Bill | 2.085bn | 2.080bn |
| 182-Day Bill | 704.66m | 699.66m |
| 364-Day Bill | 136.53m | 110.07m |
| Total | 2.926bn | 2.080bn |
| Target | 6.578bn | — |
Source: Accra Street Journal
Last Updated on October 20, 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.
