Government Exceeds Treasury Bill Target in January 2026 Auction

The Government of Ghana exceeded its Treasury bill target in the third week of January, recording strong investor demand and an oversubscription of GH¢2.938 billion. Data released by the Bank of Ghana (BoG) indicated that the government raised GH¢10.057 billion at its latest Treasury bill auction, above the target of GH¢7.149 billion. The auction, Tender 1990, held on Friday, January 16, 2026, attracted total bids of GH¢10.087 billion from primary dealers and investors. Out of the total bids tendered, the government accepted GH¢10.057 billion, representing about 99.7 per cent of subscriptions. The 364‑day bill recorded the highest investor interest, with bids amounting to GH¢4.61 billion, of which GH¢4.60 billion was accepted. The 91‑day and 182‑day bills also recorded strong demand, with accepted amounts of GH¢2.74 billion and GH¢2.708 billion, respectively. Interest rates remained broadly stable compared to previous weeks, with the weighted average rate on the 91‑day bill at 11.19 per cent, while the 182‑day and 364‑day bills settled at 12.64 per cent and 12.98 per cent, respectively. The government has set a higher target of GH¢9.825 billion for the next auction, Tender 1991, as it continues to rely on the domestic market to finance the 2026 Budget and refinance maturing obligations. Securities issued under Tender 1990 are expected to be settled on Monday, January 19, 2026.