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Verified policy update · 14 August 2026

Treasury-bill demand rises, but accepted borrowing remains below target

Auction demand was strong and yields declined, but the amount accepted remained below government's borrowing target.

What changed

Demand exceeded target; accepted borrowing did not.

Ghana's 14 August Treasury-bill auction attracted bids 88% above target, while government accepted approximately GH¢4.88 billion—19% below its GH¢5.99 billion target. Yields declined across all three tenors.

Evidence position

What the auction results support

Submitted demand, accepted borrowing and the auction target are kept distinct.

  1. 01

    Submitted bids totalled GH¢11.278 billion against a GH¢5.993 billion auction target.

    Verified
  2. 02

    Government accepted approximately GH¢4.881 billion, equal to 43.3% of submitted bids and 18.6% below target.

    Verified
  3. 03

    Yields declined across the 91-day, 182-day and 364-day tenors.

    Verified

Qualification to retain

The 88% figure measures bids submitted—not funds raised.

Submitted bids exceeded target by 88%, but accepted borrowing of about GH¢4.881 billion was approximately 19% below the GH¢5.993 billion target. The result should not be described as government raising 88% above target.

Evidence gaps

What remains unavailable

These limitations constrain trend and causal interpretation.

  1. 01

    Accepted amounts by tenor and bid-rejection thresholds were not provided in the retrieved evidence.

    Open
  2. 02

    A longer, consistently defined weekly series is needed for robust trend analysis.

    Open
  3. 03

    The auction result alone does not establish durable fiscal confidence.

    Open

Source trail

Primary results and independent context

Arithmetic was independently checked against the reported auction values.