Ghana’s government has recorded another successful Treasury bill auction, exceeding its GHS 6.14 billion target by over GHS 550 million amid declining interest rates.
According to the latest auction results from the Bank of Ghana, total bids reached an impressive GHS 7.26 billion, underscoring strong investor confidence in short-term government securities. However, the government chose to reject GHS 570.64 million worth of bids to maintain tighter control over borrowing costs.
The auction breakdown showed that the 91-day bill attracted GHS 5.32 billion in bids, with GHS 5.21 billion accepted. For the 182-day bill, GHS 1.56 billion was tendered, with GHS 1.29 billion accepted, while GHS 381 million was offered for the 364-day bill, of which GHS 192 million was accepted.
Importantly, interest rates across all tenors continued their downward trend, reflecting government efforts to lower borrowing costs.
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The 91-day bill rate fell to 15.32% from 15.45%.
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The 182-day bill dropped to 16.03% from 16.18%.
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The 364-day bill declined to 18.37% from 18.62%.
The consistent decline in yields signals growing investor appetite and confidence in the government’s debt instruments, while also providing fiscal space to manage rising expenditure.
The Treasury plans to raise GHS 6.32 billion in the next auction as it continues to optimize funding strategies and sustain market stability.
