Government Exceeds Treasury Bill Auction Target, Rakes in GH¢6.67 Billion
📍 Accra, Ghana – April 14, 2025 — The Government of Ghana has slightly exceeded its fundraising target in the latest Treasury bills auction, securing GH¢6.67 billion according to data released by the Bank of Ghana.
The auction posted a modest oversubscription rate of 2.81%, exceeding the original target by GH¢66.21 million, although GH¢121.7 million in bids were ultimately rejected.
Breakdown of the Auction
- 91-day bill emerged as the most attractive to investors, garnering GH¢5.7 billion in bids, making up a commanding 84.4% of total bids. Of this, GH¢5.67 billion was accepted.
- 182-day bill attracted GH¢908 million, all of which was fully accepted.
- 364-day bill received just over GH¢187 million, with full acceptance as well.
Yields Show Downward Trend
Interest rates across all tenors edged down slightly:
- 91-day bill: Dropped by 20 basis points to 15.45%
- 182-day bill: Eased to 16.21% from 16.50%
- 364-day bill: Declined by 18 basis points to 18.65%
Market Implications
The continued investor appetite for shorter-term government instruments reflects sustained confidence in the country’s short-term fiscal management, even as the falling yields suggest expectations of lower inflation or improving macroeconomic stability.
Despite the modest rejection of bids, the auction success adds to government efforts to manage liquidity while keeping borrowing costs relatively in check.
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