The treasury bill auction on September 12, 2025 saw a total of GH¢6.5 billion in bids against a target of GH¢8.29 billion, a 21% undersubscription compared to the 16% oversubscription witnessed in the previous auction. Out of the bids, the government accepted GH¢6.25 billion in total across the 91-day, 182-day, and 364-day tenures.

Interest rates rose as the 91-day bill went from 10.42% to 10.53% while the 182-day bill went up to 12.44% from 12.41%. The 364-day bill saw a marginal decline from 12.97% in the previous auction to 12.96%.

Even though inflation fell from 12.1% in July to 11.5% in August 2025, the pressure on interest rates to rise is likely to continue as investors have the option of the better yielding 56-day Bank of Ghana bills. The government has prioritised keeping borrowing costs low, and a second straight week of interest rate rising is likely not to be welcome news for the economy’s managers.

Two out of the last three auctions have now seen significant undersubscription. Despite this, the target of GH¢3.02 billion for the next auction is likely to be covered with few problems.