Ghana’s treasury bill market staged a turnaround at the latest auction on September 5, 2025, following last week’s steep undersubscription. The government went to market with a target of GH¢3.79 billion and ended up attracting GH¢4.39 billion in bids, accepting GH¢4.36 billion. This marked a clear reversal from Tender 1970, where less than half of the GH¢6.72 billion target was covered, raising concerns about waning investor appetite.

Yields moved in mixed directions. The 91-day bill firmed slightly to 10.42 percent from 10.33 percent, while the 182-day also inched up to 12.41 percent from 12.37 percent. The 364-day, however, dipped to 12.97 percent from 12.99 percent. The pattern points to investors showing more interest in the shorter tenors, where they can quickly roll over funds, while the government continues to signal its determination to hold the line on long-term borrowing costs.

The next test of market sentiment comes on September 12, when the government is seeking a much larger GH¢8.29 billion. That auction will provide a stronger indication of whether last week’s rebound was a one-off reprieve or the start of more sustainable demand for government securities.