Investor demand for Ghana’s Treasury bills strengthened sharply at the latest auction, with total bids coming in about 88% above the government’s target.

According to auction results from the Bank of Ghana, investors submitted bids worth approximately GH¢11.28 billion, compared with the government’s target of GH¢5.993 billion.

Despite the strong demand, the government accepted only about GH¢4.88 billion of the total bids received.

The 91-day Treasury bill emerged as the most sought-after instrument, overtaking the 364-day bill. Investors submitted GH¢5.066 billion in bids for the three-month bill, accounting for roughly 44.9% of total bids. The government accepted GH¢4.065 billion.

Demand for the 364-day bill was also strong, with bids reaching GH¢4.931 billion. However, only GH¢289.70 million was accepted.

The 182-day bill attracted GH¢1.281 billion in bids, of which approximately GH¢526.44 million was accepted.

Treasury Bill Auction Results

Security Bids Tendered Bids Accepted
91-Day Bill GH¢5.066bn GH¢4.065bn
182-Day Bill GH¢1.281bn GH¢526.44m
364-Day Bill GH¢4.931bn GH¢289.70m
Government Target GH¢5.993bn —

T-Bill Yields Fall Across the Curve

Interest rates declined across all three Treasury bill tenors during the auction.

The yield on the 91-day bill fell by 16 basis points to 5.46%.

The 182-day bill also recorded a decline, with its yield dropping to 7.27% from 7.57% in the previous week.

The biggest decline came from the 364-day bill, whose yield fell by 48 basis points to 12.50%.

The latest auction shows that investor appetite for government short-term securities remains strong even as Treasury bill rates continue to decline.