Investors offered more than the Treasury asked for, but the government rejected nearly a quarter of the bids, leaving it short of its target ahead of a bigger auction this week.
The government accepted GH¢1.92 billion at its latest Treasury bill auction, well below the GH¢2.45 billion it had set out to raise — even though investors put in more money than the target.
Results from the Bank of Ghana (BoG), Ghana's central bank, show that bids at Tender 2031, held on 30 October 2026, totalled GH¢2.55 billion. That was GH¢100.94 million above target, an oversubscription of 4.13%. But the Treasury turned down GH¢630.21 million of the offers, producing a shortfall of GH¢529.27 million, or 21.63%.
In total, 75.27% of all bids were accepted. The securities were due to be issued on Monday, 2 November, with the published rates applying for the week of 2–6 November.
The 91-day bill carried the auction
As the figures reported by Norvan Reports show, the three-month bill again drew the heaviest demand. Investors tendered GH¢1.51 billion and the government took GH¢1.23 billion — about 64% of everything raised. GH¢280.50 million was left on the table.
The 91-day paper carried a weighted average annualised interest rate of 4.60% and a discount rate of 4.55%. The two are not the same thing: the discount rate measures the cut from the bill's face value at purchase, while the interest rate expresses the return relative to what the investor actually pays.
Bids on the 91-day bill ranged from 4.10% to 6.50% on a discount basis, but only offers up to roughly 4.61% were fully allotted.
The 182-day bill attracted GH¢423.74 million, with GH¢395.74 million accepted — the smallest gap of the three maturities. Its annualised interest rate was 6.26%.
The one-year bill saw the biggest rejection. Investors offered GH¢613.83 million; the government accepted GH¢292.12 million, or 47.59%. Its annualised rate was 9.60%, roughly five percentage points above the 91-day return.
Lower volumes than the week before
Both demand and proceeds fell sharply from Tender 2030 on 23 October, when bids reached GH¢4.27 billion and GH¢3.39 billion was sold. Bids were down 40.28% and accepted funds down 43.47%.
Those are volume changes only. The BoG notice does not explain why participation fell, and it does not publish the previous week's yields, so there is no way from this release to say whether rates moved up or down.
What to watch next
The Treasury has set a target of GH¢3.54 billion for Tender 2032 — 44.79% higher than the target it just missed.
For Ghanaians at home and abroad who track short-term rates as a savings option, the key questions are whether demand recovers and whether the government accepts a larger share of what is offered, especially on the 364-day bill. The notice does not list upcoming maturities, so the auction proceeds cannot be weighed against repayments falling due.
