The latest Government of Ghana Treasury bill auction held on October 10, 2025, recorded a strong investor turnout, reversing the undersubscription seen in the previous week’s tender. The Bank of Ghana received total bids amounting to GH¢6.51 billion against a target of GH¢5.27 billion, representing an oversubscription of almost 24%. Out of this amount, GH¢6.34 billion was accepted.

Interest rates continued to ease slightly across the various maturities. The 91-day bill cleared at a weighted average rate of 10.53%, the 182-day bill at 12.31%, and the 364-day bill at 12.87%. Compared to the previous auction held on October 3, 2025, where the corresponding rates were 10.47%, 12.35%, and 12.87% respectively, this week’s results point to a mild decline on the shorter tenors, reflecting improving liquidity conditions and expectations of further monetary easing.

The auction results come at a time when inflation continues to moderate, easing to 9.4% in September from 11.5% in August. This decline has brought Treasury bill yields into positive real interest rate territory, making the instruments attractive to investors seeking short-term returns. The rebound in subscriptions also reflects growing investor confidence in the short-term debt market, buoyed by signs of macroeconomic stability and the prospect of lower policy rates if disinflation persists.

The next auction is scheduled for October 17, 2025, with the Bank of Ghana setting a higher target of GH¢6.58 billion as the government continues to roll over maturing bills and manage short-term financing needs.