- Government raises GHS5.21 billion, short of GHS5.38 billion target
- All bids across 91-, 182-, and 364-day tenors fully accepted
- Analysts suggest strong demand for funds or flexible Treasury strategy
The latest data from the Bank of Ghana indicates that the government fell short of its Treasury bill issuance target by GHS169 million. While the goal was to raise GHS5.38 billion, total bids amounted to GHS5.21 billion, according to the Central Bank’s official release.
Despite the shortfall, the government accepted all bids submitted across the 91-day, 182-day, and 364-day tenors, suggesting continued investor interest and a readiness by the Treasury to absorb available funds.
The 91-day bill attracted GHS3.85 billion in bids, which were fully accepted. The 182-day and 364-day bills also saw complete allocation of GHS747 million and GHS611 million, respectively.
Analysts view the full acceptance of bids as a sign of increased demand for funds from the Treasury, possibly reflecting government financing needs.
Interest rates continued their downward trend, averaging between 15% and 16%, consistent with the Bank of Ghana’s monetary policy strategy aimed at curbing inflation and reducing borrowing costs.
Specifically, the 91-day yield dipped by 7 basis points to 15.16%, down from 15.23% the previous week. The 182-day yield also dropped by 7 basis points to 15.70%, while the 364-day yield fell by 15 basis points to 16.80%.
Looking ahead, the government is targeting GHS6.68 billion in its upcoming auction.
