Government’s Treasury Bills Auction Flops Massively

Liquidity drain dampens T-bill auction as Treasury falls short of target

Aggressive liquidity tightening by the Bank of Ghana (BoG) has been cited as a key factor for the performance of last week’s Treasury bill auction, which saw bids fall significantly short of government’s target. According to an analysis by Databank Research, the central bank’s open market operations (OMO) absorbed some GH¢19billion ahead of the sale – constraining the market’s capacity to meet government’s GH¢5.58billion target. “We believe subd…

T-Bill Auction: 38% undersubscription despite rates increase

The treasury bill auction on September 26, 2025 attracted a total of GH¢3.49 billion in bids against a target of GH¢5.58 billion, representing a 38% undersubscription. Out of the bids, the government accepted GH¢3.46 billion across the 91-day, 182-day, and 364-day maturities. The outcome marked a sharp reversal from the previous week’s modest oversubscription, highlighting […]

Government’s Treasury Bills Auction Flops Massively

Ghana’s Treasury bills market has taken an unexpected hit, with the government recording a staggering 37% undersubscription in its latest auction. The shortfall, announced by the Bank of Ghana (BoG), comes just a week after the government celebrated a successful oversubscription, raising concerns about investor appetite and the sustainability of short-term borrowing. Despite a slight increase in yields across all maturities, investors seemed les…