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T-bills auction: Government records 60% oversubscription but at higher cost; interest rates hit nearly 13%
June 28, 2026
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T-bills auction: Government records 60% oversubscription but at higher cost; interest rates hit nearly 13%

Money
Policy

Key Points

  • The government's treasury bills auction was 60% oversubscribed, attracting GH¢7.3 billion in bids against a GH¢4.5 billion target.
  • The government accepted GH¢6.01 billion in total bids.
  • The 364-day bill dominated the auction, representing 73% of total bids, with GH¢4.28 billion accepted for this tenor.
  • Interest rates increased across all tenors, with the overall cost hitting nearly 13%, marking the first time since January 2026 (likely a typo, assumed to be current year).
  • The yield on the 364-day bill saw the largest increase, rising by 237 basis points to 12.82%.

Why This Matters

The significant oversubscription indicates strong investor demand for government securities, reflecting confidence in Ghana's short-term debt instruments. However, the accompanying rise in interest rates means higher borrowing costs for the government, which will increase public debt servicing expenses and could strain the national budget, potentially diverting funds from critical development projects.

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