Last week, the government fell short of its Treasury bills target, raising GH¢4.61 billion—87% of the planned GH¢5.32 billion. Data from the Bank of Ghana shows all bids were accepted, matching recent trends.
The auction results show the 91-day bill received the most subscriptions, totaling GH¢3.75 billion in bids. The 182-day bill attracted GH¢567 million, while the 364-day bill received GH¢309 million.
Market analysts propose that the Treasury’s financing needs may have peaked, prompting a strategic shift — focusing more on achieving funding targets rather than controlling yields.
This may account for the persistent full acceptance of bids, even with slight increases in interest rates.
Yields have risen marginally across all tenors, with the 91-day bill increasing by 14 basis points to 10.81%, the 182-day bill climbing 3 basis points to 12.49%, and the 364-day bill rising 8 basis points to 12.95%.
Looking forward, the government has established a higher target of GH¢6.83 billion for the upcoming auction.
