Bank of Ghana Auction (Tender 1995) – February 20, 2026: Strong Demand Across Maturities as Government Raises GH¢11.41 Billion
The Bank of Ghana’s latest treasury bill auction (Tender 1995), conducted on Friday, February 20, 2026, recorded robust investor participation, with total bids amounting to GH¢25.2 billion across the 91-day, 182-day, and 364-day tenors.
The Government accepted GH¢11.41 billion, reflecting continued strong appetite for short- to medium-term government securities amid prevailing macroeconomic conditions.
Breakdown by maturity:
91-day Treasury Bill
Bids tendered: GH¢8.61 billion
Amount accepted: GH¢3.19 billion
182-day Treasury Bill
Bids tendered: GH¢7.22 billion
Amount accepted: GH¢2.45 billion
364-day Treasury Bill
Bids tendered: GH¢9.38 billion
Amount accepted: GH¢5.78 billion
The 364-day bill attracted the highest demand, underscoring investor preference for longer-dated instruments offering relatively higher yields in the current environment. Overall, the auction saw bids more than double the amount ultimately accepted, indicating oversubscription and sustained confidence in government paper despite recent liquidity and inflation dynamics.
The results come at a time when the Government continues to rely heavily on domestic debt markets to finance fiscal operations following the completion of the Domestic Debt Exchange Programme (DDEP) restructuring and ongoing efforts to stabilise public finances.
Strong demand in treasury bill auctions has helped keep domestic borrowing costs relatively contained compared to earlier periods of heightened market stress.
The Bank of Ghana has not yet published the final stop-out rates or weighted average yields for Tender 1995 in the public summary released so far.
These figures—along with detailed allotment breakdowns—are typically published on the central bank’s website in the days following the auction.
