The government raised GHS 3,451.65 million at tender 2033, held on Friday 13 November 2026 and due to be issued on 16 November, 38.1% short of its GHS 5,572.00 million target, according to the Bank of Ghana.
Bids totalled GHS 4,333.25 million, 22.2% below that target. The 91-day bill yielded 4.5571%, still below the 5.5% inflation rate the Ghana Statistical Service recorded in October, so savers in the shortest bill still earn less than inflation.
Demand did not keep up with the larger target. At tender 2032, held on 6 November, bids of GHS 5,011.96 million were 41.5% above a smaller GHS 3,543.00 million target, and the Bank accepted GHS 4,106.96 million, above that target, while rejecting GHS 905.00 million of bids.
This week's target was raised by 57.3%, to GHS 5,572.00 million, but bids fell 13.5% week on week. The Bank accepted GHS 3,451.65 million and rejected GHS 881.60 million. The bid-to-cover ratio, defined here as bids tendered divided by bids accepted, was 1.26.
Yields were little changed. The 91-day weighted average interest rate eased by 0.53 basis points from 4.5624% a week earlier.
The 182-day bill yielded 6.1678%, down 3.42 basis points from 6.2020%, and the 364-day bill 9.4603%, down 2.43 basis points from 9.4846%. Those week-ago interest rates are from the tender 2032 auction PDF, which is 0.0001 percentage points above the Bank's rates table on the two longer bills.
Weighted average interest rates by tenor. Year-earlier rate shown for the 91-day bill only.
Source: Bank of Ghana, Notice BG/FMD/2026/55 (Results of GOG Tender 2033) and Notice BG/FMD/2026/54 (Results of GOG Tender 2032); Bank of Ghana 91-day rates series, extract of 13 Nov 2026 02:59 GMT, for tender 1981; Ghana Statistical Service.
Most of the money again went into the shortest bill. GHS 2,738.22 million was tendered for the 91-day and GHS 2,510.22 million accepted, 72.7% of the amount sold.
The 182-day bill drew GHS 721.62 million, of which GHS 596.62 million was accepted. The 364-day bill drew GHS 873.41 million, but only GHS 344.81 million was taken up.
The Bank left some bids unfilled to cap the rate it will pay. Of the GHS 881.60 million rejected, GHS 528.60 million was in the one-year bill, 60.5% of what was bid for that tenor. It allotted the 364-day bill in full only at discount rates of 8.5000–8.8007% (interest 9.2896–9.6500%), inside a bid range that ran up to 11.5044%.
Even if every bid had been accepted, the amount sold would still have been GHS 1,238.75 million below the target. Passing over the rest left the sale GHS 2,120.35 million short of that target. The target for tender 2034 is lower, at GHS 4,254.00 million.
For savers, the 91-day real yield is still negative. Subtracting October's 5.5% inflation leaves −0.94 percentage points. The Fisher method, (1 + 0.045571) ÷ (1 + 0.055) − 1, gives −0.89%.
The 182-day and 364-day bills still beat inflation on that measure, at +0.63% and +3.75%. A year earlier, the 91-day bill paid 11.0276% at tender 1981, issued on 17 November 2025, the nearest Friday auction to this issue date. On the assumption of a 91-day term and a 365-day year, GHS 10,000 invested in the 91-day bill now earns about GHS 114 over the term, against about GHS 275 a year ago.
Sources
- Bank of Ghana, Results of GOG Tender 2033, Notice to Banks and Public No. BG/FMD/2026/55, held 13 November 2026, issued 16 November 2026 (PDF; the file name reads "2023", but the notice and listing identify tender 2033)
- Bank of Ghana, Results of GOG Tender 2032, Notice to Banks and Public No. BG/FMD/2026/54, held 6 November 2026, issued 9 November 2026 (PDF)
- Bank of Ghana, Treasury Bill Rates (91-day series; tender 1981, issued 17 November 2025: 11.0276%)
- Ghana Statistical Service, CPI inflation (year on year), October 2026: 5.5%
- Related: Ghana's T-bill auction draws GHS5.01 billion, 41.5% above target, as yields ease, StatsGH, 9 November 2026
- Related: 91-day bill at 4.56% now pays less than 5.5% inflation; one-year bill still beats it, StatsGH, 13 November 2026