Investor Demand for Treasury Bills Declines as Government Misses Target by GH¢1.13bn
Investor appetite for Ghana’s Treasury bills weakened last week, leading the government to fall short of its auction target by GH¢1.13 billion, according to the latest data from the Bank of Ghana.
The Treasury accepted GH¢2.57 billion in bids out of a GH¢3.71 billion target — representing a 30.5% shortfall.
Performance Across Maturities
The 91-day bill recorded the highest level of investor participation, with approximately 99% of the GH¢2.03 billion tendered being accepted. It was followed by the 182-day bill, where GH¢389 million was accepted out of GH¢394 million submitted. For the 364-day note, GH¢165 million was taken from GH¢170 million tendered.
Market Trends and Investor Sentiment
Analysts attributed the shortfall to waning investor interest in short-term government securities, as some investors pivot toward alternative investment options offering higher returns amid easing yields.
Yields on all Treasury maturities dipped slightly:
- The 91-day bill dropped by 3 basis points to 10.47% (from 10.50%).
- The 182-day bill declined by 4 basis points to 12.35% (from 12.39%).
- The 364-day note eased by 2 basis points to 12.87% (from 12.89%).
Next Auction Target
Despite the dip in investor enthusiasm, the government remains optimistic, setting a GH¢5.26 billion target for its next Treasury auction this week — a move analysts say will test market confidence and liquidity levels in the short term.
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