GH¢6.67 Billion T-Bill Auction Oversubscribed, Government Reports

The Government of Ghana has raised GH¢6.67 billion through its latest treasury bill auction, modestly exceeding its initial target, according to figures released by the Bank of Ghana.

The auction saw an oversubscription rate of 2.81%, with the government receiving bids that went GH¢66.21 million above its intended amount. Despite the positive response from investors, GH¢121.7 million in bids were ultimately rejected.

Investor appetite was strongest for the 91-day bill, which accounted for the majority of the bids. A total of GH¢5.7 billion was tendered for this short-term instrument, representing approximately 84.4% of all bids received. Out of this, GH¢5.67 billion was accepted.

The 182-day bill attracted GH¢908 million in bids, which were fully accepted. The 364-day bill drew just over GH¢187 million, with the entire amount also taken up by the government.

Yields across all maturities continued their gradual decline, signaling growing investor confidence and a stabilizing macroeconomic environment. The 91-day bill yield fell by 20 basis points to 15.45%. The 182-day bill eased from 16.50% to 16.21%, while the 364-day bill dropped to 18.65%, down by 18 basis points.

This marginal oversubscription reflects continued investor interest in short-term government securities, even amid falling returns. Analysts suggest the downward trend in yields is linked to improving inflation expectations and ongoing monetary policy adjustments.

The government’s reliance on domestic borrowing through T-bills remains a key strategy to manage its financing needs, especially in the face of limited access to external funding.