Treasury Bill Auction Oversubscribed by 51.6% Despite Falling Yields

The government’s latest treasury bill auction attracted strong investor demand, with total bids exceeding the amount targeted by more than half.

Results published by the Bank of Ghana show that investors submitted bids worth GH¢9.937 billion against a target of GH¢6.554 billion. This left the auction oversubscribed by 51.6%.

Despite the strong demand, the government accepted GH¢8.381 billion of the total bids tendered.

The 91-day treasury bill attracted the largest share of bids for the first time in several months. Investors tendered GH¢6.225 billion for the short-term security, accounting for approximately 62.6% of all bids received. The government accepted GH¢5.835 billion.

Bids for the 182-day bill reached GH¢1.915 billion, with GH¢1.593 billion accepted.

The 364-day bill attracted GH¢1.796 billion in bids. Of this amount, the government accepted GH¢952.77 million.

Interest rates continued their downward movement across all three treasury bill maturities.

The yield on the 91-day bill fell by 14 basis points to 4.80%. The rate on the 182-day bill declined from 6.87% to 6.67%, while the 364-day bill recorded the sharpest drop, falling by 66 basis points to 10.11%.