In the most recent primary market auction, Treasury bill demand surged, with total bids exceeding the Bank of Ghana’s target by 32.9%. Investors tendered GHS3.66 billion across the 91‑day, 182‑day and 364‑day bills, compared with a government target of GHS2.75 billion. The result was an oversubscription of GHS904.64 million.
The government accepted GHS2.90 billion of the bids, representing about 79.3% of total investor offers. The 91‑day bill attracted the largest volume, with GHS2.08 billion tendered and GHS1.88 billion accepted. The 182‑day bill received GHS702.95 million in bids, with GHS520.57 million accepted, while the 364‑day bill attracted GHS876.72 million in bids, of which GHS497.74 million were accepted.
Yield data from the auction showed a continued decline across the curve. The 91‑day yield fell by about 2 basis points to 4.67% from 4.69% the previous week. The 182‑day yield declined by 11 basis points to 6.37% from 6.48%, and the 364‑day yield dropped by 15 basis points to 9.83% from 9.98%.
Analysts say the oversubscription is largely due to a softer government target, which has left demand in the Treasury bill market stronger than the amount the government is seeking to raise.
For the next auction, the government is targeting GHS2.24 billion through the issuance of 91‑day, 182‑day and 364‑day Treasury bills.
