Recent data from the Bank of Ghana indicates that the government fell short of its Treasury bill issuance goal by GHS169 million.
The Central Bank’s published figures reveal that the government intended to secure GHS 5.38 billion but only attracted bids amounting to GHS 5.21 billion.
Nevertheless, all bids were completely accepted across all maturities, demonstrating robust investor interest and the Treasury’s readiness to accommodate the entire auction amount.
For the 91-day bill, GHS 3.85 billion was fully accepted, while GHS 747 million in bids for the 182-day bill and GHS 611 million for the 364-day bill were also entirely allocated.
For market analysts, the government’s choice to fully accept all submitted bids may indicate a strong demand for liquidity from the Treasury or the government itself.
Interest rates continue to trend downward, averaging between 15% and 16%, which reflects the Bank of Ghana’s monetary policy approach aimed at stabilizing inflation and reducing borrowing costs.
The yield on the 91-day bill decreased by 7 basis points to 15.16%, down from 15.23% the previous week. Similarly, the 182-day rate fell by 7 basis points to 15.70%, while the 364-day yield dropped by 15 basis points to 16.80%.
Looking forward, the government intends to raise GHS 6.68 billion in the upcoming auction.
