The Treasury Department announced that it has raised more than its target in the most recent Treasury bill auction. Investors bid strongly for short‑term government securities, resulting in a total of approximately GH¢4.41 billion accepted across the 91‑day, 182‑day and 364‑day instruments, compared with a target of GH¢2.87 billion.
Bid acceptance was highest for the 91‑day bill, which attracted GH¢3.29 billion in tenders and accepted GH¢3.01 billion. The 182‑day bill received GH¢1.31 billion in bids, with GH¢1.26 billion accepted. Demand for the 364‑day instrument was comparatively weaker, with GH¢468 million in bids and only GH¢136 million accepted.
Yields fell across the three maturities, reflecting a modest but consistent easing in government borrowing costs. The 91‑day rate dropped to 4.60% from 4.64%, the 182‑day rate eased to 6.28% from 6.32%, and the 364‑day yield fell to 9.75% from 9.80%.
The auction results suggest sustained demand for government securities, even as returns continue to ease. The Treasury’s reliance on shorter‑dated instruments to meet financing needs was evident, with less than a third of the bids for the one‑year bill accepted.
These outcomes could support the government’s efforts to manage short‑term financing costs, provided demand remains robust in future auctions. The selective acceptance of longer‑dated bids also indicates a cautious approach to extending borrowing horizons.
Future auctions will reveal whether the downward trend in yields continues and how much room the Treasury has to further reduce short‑term borrowing costs.
