For the fourth consecutive week, the Ghanaian government’s treasury bill auction has significantly exceeded its targets, signaling robust investor appetite. While the initial goal was to raise GH¢3.7 billion, the auction drew in total bids of GH¢5.6 billion, representing a substantial 47.7% oversubscription.
Of this total, the government ultimately opted to accept GH¢5.3 billion. The 91-day bill proved to be the most popular choice among investors, accounting for over 45% of the total bids with GH¢2.5 billion tendered and GH¢2.3 billion accepted.
Significant activity was also seen in the longer-term instruments, with the 182-day bill securing GH¢1.45 billion in accepted bids and the 364-day bill seeing GH¢1.533 billion accepted.
Parallel to this strong demand, interest rates across the entire yield curve experienced a downward shift. The yield on the 91-day bill dipped by 3.0 basis points to settle at 11.08%, while the 182-day bill saw a more pronounced drop to 12.43% from the previous week’s 12.54%.
The most significant decline occurred with the 364-day bill, which fell by 17 basis points to reach 12.91%. This trend of falling yields paired with high demand suggests a growing market consensus regarding the stabilization of the country’s broader economic environment and a lowering of the government’s domestic borrowing costs.
