The Government of Ghana recorded an oversubscription of its treasury bills auction for the second consecutive week, as investor demand remained strong despite movements in interest rates.

According to auction results released by the Bank of Ghana, the Treasury exceeded its target by 34.8%, reflecting sustained investor confidence in short-term government securities.

The government targeted GHS4.30 billion but received total bids worth GHS5.79 billion. Out of this amount, approximately GHS5.47 billion was accepted.

The 91-day treasury bill remained the most attractive instrument to investors, accounting for the largest share of bids submitted during the auction. A total of GHS3.83 billion was tendered for the security, with GHS3.65 billion accepted.

The 364-day bill also attracted significant interest, recording GHS1.25 billion in bids, of which GHS1.15 billion was accepted.

Meanwhile, the 182-day bill received GHS709.83 million in bids, with GHS671.72 million accepted by the Treasury.

Interest rates saw mixed movements across the yield curve during the auction. The yield on the 91-day bill increased by 3 basis points to 4.91%, while the 182-day bill edged up slightly to 7.04% from 7.03% the previous week.

However, the yield on the 364-day bill declined by 25 basis points to 10.38%.

Market analysts say the continued oversubscription highlights strong liquidity in the financial market, although changing yields indicate investors are closely monitoring inflation, monetary policy, and broader economic conditions.

Securities Bids Tendered (GHS) Bids Accepted (GHS)
91-Day Bill 3.83 billion 3.65 billion
182-Day Bill 709.83 million 671.72 million
364-Day Bill 1.25 billion 1.15 billion
Total 5.79 billion 5.47 billion
Target 4.30 billion —