The Bank of Ghana (BoG) has reported robust investor appetite in its latest debt auction held on February 4, 2026, raising GH¢16.2 billion through its 14-day bill as market participants continued to favor short-tenor instruments. The auction, which covered multiple maturities, recorded significant oversubscription, underscoring strong liquidity conditions and heightened demand for government securities.
According to the central bank, bids for the 14-day bill were submitted at rates ranging between 11.88 percent and 11.94 percent per annum, with all accepted bids allotted within the same tenor. The short-dated instrument attracted the largest volume, reflecting investors’ preference for quick turnover amid prevailing market uncertainties.
Longer-tenor securities also drew substantial interest. The 364-day bill attracted bids estimated at GH¢6.54 billion, of which GH¢5.97 billion was accepted. The 182-day bill recorded bids of about GH¢4.65 billion, with accepted bids standing at approximately GH¢3.54 billion. Meanwhile, the 91-day bill received bids nearing GH¢5.90 billion, with close to GH¢2.78 billion accepted.
In total, the auction recorded an oversubscription rate of 75.86 percent. Accepted bids amounted to approximately GH¢12.30 billion, well above the government’s target of GH¢6.99 billion. The outcome highlights investors’ strong appetite for short-term securities, which analysts say is driven by attractive yields and the relative safety of government-backed instruments.
Market analysts noted that the strong uptake reflects both domestic liquidity and cautious positioning by investors. “The preference for short-tenor bills suggests investors are seeking flexibility in the current environment,” one analyst observed, pointing to the balance between yield opportunities and risk management.
The oversubscription also signals confidence in the central bank’s debt management strategy, which has increasingly relied on short-term instruments to meet government financing needs while maintaining market stability. By offering a range of maturities, the BoG continues to provide options for investors while ensuring that funding requirements are met.
The auction results come at a time when Ghana’s fiscal authorities are working to strengthen debt sustainability and rebuild investor confidence. The government has set ambitious targets for revenue mobilization and expenditure control, while the central bank has emphasized its role in maintaining monetary stability.
The strong demand for short-term securities may also reflect broader macroeconomic dynamics. With inflationary pressures moderating and the local currency showing signs of stability, investors appear willing to commit significant funds to government paper, particularly at attractive yields. The 11.88, 11.94 percent range for the 14-day bill underscores the balance between investor demand and the central bank’s cost of borrowing.
Looking ahead, analysts expect continued strong participation in BoG auctions, particularly for short-tenor instruments. However, they caution that sustained reliance on short-term borrowing could pose refinancing risks if market conditions shift. The central bank is therefore likely to maintain a careful balance between meeting immediate financing needs and managing long-term debt sustainability.
For now, the February 4 auction underscores the resilience of Ghana’s domestic debt market and the central bank’s ability to attract significant investor interest. With total bids far exceeding targets, the BoG has once again demonstrated its capacity to mobilize liquidity while supporting government financing objectives.
