Investor appetite for Ghana Treasury bills continues to far exceed government issuance targets, with the latest Bank of Ghana auction showing a 253 percent oversubscription. Bids totalling GH¢22.67 billion were submitted against a target of GH¢6.42 billion, slightly higher than the 246 percent oversubscription recorded the previous week.
Of the total bids, the government accepted GH¢8.99 billion across the 91-day, 182-day, and 364-day instruments. The breakdown shows GH¢3.41 billion accepted for the 91-day bill from GH¢7.64 billion tendered, GH¢2.09 billion for the 182-day bill from GH¢7.27 billion, and GH¢3.49 billion for the 364-day bill from GH¢7.76 billion offered.
The strong demand has put downward pressure on yields, reflecting both abundant market liquidity and competitive bidding. The 91-day rate fell by 136 basis points to 8.60 percent, the 182-day by 114 basis points to 10.67 percent, and the 364-day by 100 basis points to 11.06 percent. Analysts note that investors are submitting lower bids to secure allocations following previous bid rejections, contributing to the compression in yields.
Looking ahead, the government plans to issue GH¢9.32 billion in the next Treasury bill auction, indicating continued reliance on short-term domestic debt to finance its budgetary needs. The trend underscores persistent investor confidence in Ghana’s short-term debt instruments despite the ongoing macroeconomic pressures.
