- Treasury bills oversubscribed by 110.84%, with GH¢6.03 billion in bids
- Treasury accepted GH¢5.78 billion, nearly double the GH¢2.86 billion target
- 91-day bill dominated demand; 182-day and 364-day bills also well-subscribed
After six weeks of subdued activity, investor confidence returned strongly to the treasury market this week.
Data from the Bank of Ghana shows that treasury bills were oversubscribed by 110.84%, reflecting renewed demand for short-term government securities. Investors submitted GH¢6.03 billion in bids across the 91-, 182-, and 364-day bills, with the Treasury accepting GH¢5.78 billion—nearly double its GH¢2.86 billion target.
A breakdown of the auction results shows the 91-day bill led demand, attracting GH¢2.57 billion in bids and accepting GH¢2.56 billion. The 182-day bill followed with GH¢1.64 billion tendered and GH¢1.62 billion accepted, while the 364-day bill drew GH¢1.81 billion, with GH¢1.58 billion accepted.
What drove the turnaround?
A low issuance target played a role, but the primary factor was renewed bank participation following the 350 basis point policy rate cut to 18%, which reduced returns on the Bank of Ghana’s 56-day bill and redirected liquidity into treasury bills.
Yields eased slightly across most maturities. The 91-day bill fell 8 basis points to 11.05% from 11.13% the previous week, the 182-day bill declined 25 basis points to 12.43%, while the 364-day bill edged up 2 basis points to 13.08%.
Looking ahead, the Treasury plans to raise GH¢5.80 billion in its next auction across the three tenures.
