The government borrowed approximately GH¢120.2 billion from the Treasury bill market between January and April 2026, despite investors offering a much higher GH¢181.5 billion during the period, reflecting a deliberate strategy to manage borrowing costs.
Data from the Bank of Ghana showed strong investor demand dominated the market from January to mid-March, with 11 straight oversubscribed auctions.
Demand peaked in mid-February when investors submitted GH¢22.67 billion in bids against a target of GH¢6.42 billion.
However, appetite began to weaken from late March through April as Treasury bill yields declined sharply, leading to six consecutive undersubscribed auctions.
The decline in yields significantly shifted investor preferences, especially for longer-term instruments. While the 364-day bill attracted GH¢15.18 billion in bids in January, demand dropped to GH¢3.12 billion by the end of April as investors became less willing to lock in funds at lower returns. In response, the Treasury tightened its borrowing strategy by rejecting sizable bids and prioritising lower interest costs over aggressively meeting auction targets.
