Ghana’s Treasury auction for October closed with a 4% oversubscription, as total bids reached GHS 2.55 billion against a target of GHS 2.45 billion. The Bank of Ghana reported that bid volume fell by roughly 40% compared with the previous week, signalling a sharp moderation in investor demand.
Under the Treasury’s selective acceptance strategy, the government accepted GHS 1.92 billion, about 78% of its target. The 91‑day bill drew the most interest, with GHS 1.51 billion in bids and GHS 1.23 billion accepted. The 182‑day bill saw GHS 423.74 million in bids, of which GHS 395.74 million were accepted, while the 364‑day bill attracted GHS 613.83 million in bids, with GHS 292.12 million accepted.
Across all primary market auctions in October, bids totaled GHS 19.97 billion against a cumulative target of GHS 16.27 billion, with the Treasury accepting GHS 14.97 billion. This left the government with approximately GHS 5 billion in rejected offers and a shortfall of about GHS 1.3 billion from the cumulative target.
The selective acceptance approach has kept Treasury yields below the 5%‑10% range. Yields fell to 4.60% for the 91‑day bill, 6.26% for the 182‑day bill, and 9.60% for the 364‑day bill.
For the next auction, the Treasury aims to raise GHS 3.54 billion through new 91‑day, 182‑day and 364‑day Treasury bills.
