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 the volatility in investor demand. Yields turned upward across all tenors. The 91-day bill rose to 10.50% from 10.46% the week before, the 182-day bill climbed to 12.39% from 12.36%, and the 364-day bill edged up to 12.90% from 12.88%. The marginal increases suggest investors demand slightly higher returns whenever the government seeks to raise a moderately large amount from the market.

The government is now aiming to raise GH¢3.71 billion at the next auction scheduled for October 3. Market watchers will be focused on whether the reduced target helps restore subscription levels and eases the recent pressure on yields.