Ghana T-bill auction oversubscribed 162.9% as yields fall across 91/182/364-day tenors

On 24 August 2026 Ghana’s Treasury-bill auction drew GH¢14.27 billion of bids against a GH¢5.428 billion target (162.9% oversubscription); the Treasury accepted GH¢5.855 billion while rejecting about GH¢8.415 billion. Yields fell to 5.08% (91-day), 7.08% (182-day) and 11.59% (364-day).

Strong oversubscription and lower weighted-average yields indicate abundant local-currency liquidity and willing domestic demand for short-term GoG paper. Because only a portion of bids were accepted, the signal is one of improved funding optionality rather than forced rollover relief; the Treasury can be selective on amounts and cost, but long-term refinancing pressure depends on future issuance and acceptance rates.

Next primary auction where the government seeks GH¢5.147 billion (next tender date/publication).