Ghana government raises GH¢2.7b in under-subscribed treasury bills auction 

The Ghana government mobilised a total of GH¢2.728 billion in the last treasury bills auction, falling short of its GH¢4.24 billion target, a report by the Bank of Ghana has shown. 

The auction, held on Friday, August 15, 2025 under Tender number 1968, is due for issue on Monday, August 18. 

Investors tendered a total of GH¢3.009 billion across the 91-day, 182-day, and 364-day maturities. 

The Government accepted only GH¢2.728 billion, amounting to 90.65 per cent of the total amount tendered, despite its GH¢4.242 billion target. 

Breakdown by Maturity 

For the 91-day bill government accepted GH¢2.023 billion out of the total bid amount of GH¢2.059 billion tendered. 

For the 182-day bill, it accepted GH¢537.69 million out of GH¢678.18 million in bids tendered. 

The government accepted GHS167.66 million from the GH¢272.58 million in bids tendered for the 364-day bill. 

Interest rates range and allotment 

Interest rates tendered for the 91-day bill ranged from 9.2796% to 12.8000%.  

The Government fully allotted bids with interest rates from 9.5000% to 10.7831% per annum and discount rates from 9.2796% to 10.5000% per annum. 

The 182-day bill bids had interest rates that ranged from 0.8747% to 14.5000%.  

The full allotment for this bill was at interest rates between 11.5000% and 12.8000% per annum, with discount rates from 10.8747% to 12.0301% per annum. 

For the 364-day bill, tendered rates ranged from 10.7142% to 13.5000% per annum.  

The government allotted bids with interest rates from 11.9999% to 13.3144% per annum and discount rates from 10.7142% to 11.7500% per annum. 

At the end, weighted average of rates for the week, starting August 18, are: 91-day bill; 10.1374% interest rate and 9.8868% discount rate per annum, and 182-day bill; 12.2302% interest rate and 11.5255% discount rate per annum, and 364-day bill; 13.0865% interest rate and 11.5721% discount rate per annum. 

The government targeted to raise GH¢6.426 billion in the next auction, Tender 1969, the report said. 

Source: GNA