T-bills auction: Government borrowed GH¢14bn in October 2026

A total of GH¢19.9 billion was tendered for treasury bills by investors in October 2026, as against a target of GH¢16.37 billion.

This represented a 21.99% oversubscription.

However, the government accepted GH¢14.97bn, a GH¢1.40bn short of its target.

Importantly, investor demand was relatively high as the Treasury exceeded most of its target.

Last week, investor appetite for T-bills moderated at October’s final auction, with total bids declining by 40.28% week-on-week to GH¢2.55bn.

Despite softer demand, subscriptions exceeded the Treasury’s GHS2.45bn target by 4.13%.

However, the government accepted only GH¢1.92bn.

The yields eased across all tenors, with the 91-day, 182-day and 364-day rates declining by 1.0 basis point, 3.0 basis points and 7.0 basis points to 4.60%, 6.26% and 9.60%, respectively.

Meanwhile, the government is seeking to raise GH¢3.54bn through the issuance of 91- day, 182-day, and 364-day bills this week,

This will cover maturing bills of GH¢3.21 billion.