April 10 T-Bill undersubscribed; Government falls short of GHC5.57 billion target.
April 10 T-Bill undersubscribed; Government falls short of GHC5.57 billion target.
The Government of Ghana’s latest Treasury Bill auction on April 10, 2026, resulted in a significant undersubscription, missing its ambitious target of GH¢7.57 billion.
According to data from the Bank of Ghana, the Treasury managed to secure approximately GH¢5.3 billion in total bids, reflecting a shortfall of about 29.3%.
Auction Performance Breakdown:
The 91-Day Bill remained the most popular instrument, attracting GH¢4.43 billion in bids, of which GH¢4.42 billion was accepted.
82-Day Bill: Secured GH¢521.96 million in tenders, with the government accepting the full amount.364-Day Bill: Saw the weakest demand, with only GH¢162.59 million accepted out of GH¢348 million tendered.
Rising yields and market trends across all three tenors edged upward during the auction. The 91-day bill yield rose by 10 basis points to 4.91%, while the 182-day bill increased to 6.77% with the 364-day bill climbed 13 basis points to 9.97%.
Analyst Outlook Market analysts from Citi Business News and Graphic Online suggest the undersubscription highlights a delicate balance for the Treasury.
While the government aims to lower borrowing costs, the lower yields may be pushing investors toward alternative high-yielding placements like fixed deposits.
The government has since recalibrated its strategy for the next auction, lowering the target to GH¢4.89 billion to better align with current market liquidity.
