Treasury Auction Records Sixth Straight Undersubscription
Ghana’s domestic debt market continued to show signs of investor restraint as the Treasury recorded its sixth consecutive undersubscribed auction on Friday, 21 November 2025.
Data from the auction indicate that the government’s bid to mobilise GH¢6.418 billion fell short after it attracted a total of GH¢4.953 billion from investors. Of this amount, the Treasury accepted GH¢4.838 billion across all three short-term instruments.
The 91-day bill remained the most sought-after, drawing GH¢3.937 billion in bids, with GH¢3.829 billion taken up at a yield of 11.13 per cent.
For the 182-day tenor, investors submitted offers amounting to GH¢749.25 million, out of which GH¢744.25 million was accepted at an interest rate of 12.68 per cent.
The longest-dated instrument on the market, the 364-day bill, received GH¢266.83 million in bids, with the government taking GH¢263.83 million at a yield of 13.06 per cent.
The recurring undersubscription has heightened concerns about the government’s ability to consistently meet its domestic financing targets, especially as liquidity conditions tighten and investors continue to demand higher returns.
In the upcoming auction scheduled for 28 November 2025, the Treasury plans to lower its target, seeking to raise GH¢2.862 billion, a move analysts say reflects a more cautious approach in response to ongoing market dynamics.
