Ghana’s treasury bill market saw a steep undersubscription at the government’s auction held on August 29, 2025 (Tender 1970). Against a target of GH¢6.72 billion, the government attracted only GH¢3.52 billion in bids and accepted GH¢3.34 billion. This represents just under 50% of the target, the weakest performance in recent weeks and a marked reversal from Tender 1969, which covered about 90 percent of issuance.

Yields eased slightly across the board. The 91-day bill slipped to 10.33% from 10.42%, the 182-day edged down to 12.37% from 12.39%, and the 364-day dipped to 12.99% from 13.00%. The lower yields suggests that government is prioritizing keeping interest rates low rather than meeting its auction targets. Investors are also reluctant to purchase at low yields given the almost 25% they can get on Bank of Ghana (BoG) 56-day bills.

With the next auction on September 5, the government has lowered its target to GH¢3.79 billion.