T-bills auction: Government records 60% oversubscription but at higher cost; interest rates hit nearly 13%

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The government recorded about 60% oversubscription of its treasury bills auction but at a higher cost, as investors demanded more compensation.

Investors submitted bids worth GH¢7.3 billion as against a target of GH¢4.5 billion. The government however accepted GH¢6.01 billion.

This time around majority of the bids came from the 364-day bill, representing 73% of the total bids.

A little over GH¢5.4 billion of the bids were tendered. About GH¢4.2 billion were, however, accepted.

The 91-day bill saw bids worth GH¢1.47 billion tendered. The uptake was, however, GH¢1.34 billion.

The 182-day bill recorded bids of GH¢461.9 million. A little above GH¢378 million was accepted.

Meanwhile, interest rates hit nearly 13%, the first time since January 2026.

The yield on the 91-day bill went up by 74 basis points to 5.73%.

That of the 182-day bill also increased to 7.69% from 7.04% the previous week.

Similarly, the yield on the 364-day increased by 237 basis points to 12.82%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	1.47bn	1.34bn
182 Day Bill	461.91m	378.80m
364 Day Bill	5.43bn	4.28bn

Total	7.37bn	6.01bn
Target	4.602bn

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