Gov’t T-bill hits second target shortfall this year despite yield gains

Government of Ghana’s latest treasury bill auction, held on March 27, 2026, ended with a significant shortfall as investor interest failed to meet the state’s ambitious borrowing target. This is the second undersubscription thus year.

The subscription rate was 79.86 per cent. This indicates that the market provided roughly 80 per cent of the funds government initially requested.

Government sought to raise 4.932 billion cedis.

However, total offers from investors amounted to only 3.939 billion cedis, representing an undersubscription of rate of 20.14 per cent relative to the target.

In a move to manage borrowing costs, the government was selective with its intake, ultimately accepting 3.234 billion cedis.

The acceptance rate was 82.11 per cent of the bids submitted by investors.

Government chose to take less, rejecting higher-interest bids to stabilise the yield curve.

The 91-Day Bill remained the most active instrument, drawing 2.550 billion cedis in bids, of which government accepted 2.213 billion cedis at a yield of 4.81 per cent.

Demand for the 182-Day Bill saw offers of 762 million cedis, with 661 million cedis accepted at an interest rate of 6.62 per cent.

Meanwhile, the 364-Day Bill attracted 625 million cedis in bids, with government taking 359 million cedis at a yield of 9.77 per cent.

Market analysts suggest government’s decision to accept less than the total offers—despite missing the overall target—indicates a strategic push to keep interest rates from spiraling upward.

Source: By Eben Agyekum-Boateng, 3Business