T-bills: Government exceeds target by 30%; interest rates decline again

The government exceeded its treasury bills target once again the week after the Minister of Finance presented the Mid-Year Budget Review last Thursday, 23^rd July 2026.

According to the auction results released by the Bank of Ghana, the government achieved a 30.3% subscription in the T-bills auction.

The government received bids worth GH¢12.3 billion. However, it accepted GH¢11.5 billion

The 364-day bill was once again the most subscribed bill as GH¢8.1 billion of the bids were tendered, representing 65.5% of the total bids. The uptake was, however, GH¢7.8 billion.

The 182-day bill received bids of GH¢1.3 billion. A little above GH¢1.1 billion was accepted.

For the 91-day bill, GH¢2.9 billion of the bids were tendered. A little above GH¢2.6 billion of the bids were accepted.

Meanwhile, interest rates fell on the yield curve.

The yield on the 91-day bill went down by 11 basis points to 5.76%.

That of the 182-day bill also decreased to 7.68% from the previous week’s 7.78%.

Similarly, the yield on the 364-day dropped by 3.0 basis points to 12.96%.