Ghana bills oversubscribed as curve sends mixed signals

Ghana's treasury bill auction drew 5.173 billion cedis of bids against a 5.019 billion target and accepted 3.481 billion, with the 91-day yield up 2 basis points to 4.62 percent and the 364-day yield down 4 basis points to 9.71 percent, MyJoyOnline reported from Bank of Ghana results.

Why it matters: The government is accepting barely two-thirds of what is bid at the short end while long bill yields fall, a pattern that keeps its domestic funding cheap but concentrates rollover in the 91-day tenor, which took 70.5 percent of bids.

Data as of Auction results reported October 18, 2026. Single-sourced: MyJoyOnline reporting Bank of Ghana results, hence grade C. The outlet's headline says undersubscription; its own body and table show bids of 5.173 billion cedis against a 5.019 billion target, and this story follows the figures.

Ghana’s latest treasury bill auction was marginally oversubscribed on bids and heavily rationed on acceptance. Investors tendered 5.173 billion cedis against a target of 5.019 billion, and the treasury accepted 3.481 billion, MyJoyOnline reported from the Bank of Ghana’s auction results.

Demand concentrated at the front. The 91-day bill drew 2.944 billion cedis of bids, 70.5 percent of the total, of which 2.202 billion was accepted. The 182-day drew 1.109 billion and accepted 692.30 million, and the 364-day drew 1.117 billion and accepted 587.61 million.

Yields moved in opposite directions along the short curve. The 91-day yield rose 2 basis points to 4.62 percent and the 182-day rose to 6.31 percent from 6.27 percent the previous week, while the 364-day yield fell 4 basis points to 9.71 percent. A government that can decline a third of the bids on offer while its one-year bill yield falls is funding itself on its own terms, but the tenor mix leaves the rollover calendar dominated by 91-day paper.

Ghana bills oversubscribed as curve sends mixed signals

Sources