The government of Ghana faces a significant shortfall in treasury bill auctions as it recorded its seventh straight undersubscription. This trend highlights ongoing liquidity issues and investor caution.
The total amount borrowed from treasury bill auctions in April 2026 was GHS 20.48 billion. However, investor demand fell short of the issuance target by 10.4 percent in the final auction of April.
Auction results:
- The final auction recorded a shortfall of GHC 571.21 million against a target of GHC 5.01 billion.
- The 91-day treasury bill attracted GHC 1.89 billion in bids, all of which were accepted.
- The 182-day treasury bill saw GHC 764.25 million in tenders, with full acceptance.
- The 364-day treasury bill recorded GHC 1.83 billion in bids, with GHC 1.78 billion accepted.
The yields on the bills varied: the yield on the 91-day bill held steady at 4.92 percent, while the yield on the 182-day bill increased by 1 basis point to 6.96 percent. The yield on the 364-day bill rose by 7 basis points to 10.19 percent.
Despite the challenges, investor participation remained generally strong throughout April 2026. The government plans to scale back its borrowing target to GHC 4.34 billion for the next auction.
The persistent undersubscription trend points to ongoing liquidity constraints and a preference among investors for higher yields.
