The government has once again surpassed its Treasury bill target, securing an additional GHS 514 million beyond its initial goal in the latest auction.
According to auction results from the Bank of Ghana, while the government aimed to raise GHS 8.26 billion, total bids reached GHS 8.77 billion, representing an oversubscription of 6.22%.
All GHS 6.2 billion tendered for the 91-day Treasury bill was accepted in full. The 182-day bill received GHS 1.83 billion in bids, with GHS 1.80 billion accepted.
Meanwhile, the 364-day bill attracted GHS 1.2 billion in bids, but only GHS 746 million was accepted.
Interest rates on Treasury bills continue to trend downward, averaging between 15% and 18%.
The 91-day bill declined by 186 basis points to 15.88%, while the 182-day bill dropped by 204 basis points to 16.93%. The 364-day bill saw a decline of 101 basis points, settling at 17.98%.
However, the pace of rate reductions appears to be slowing as the government seeks to manage borrowing costs effectively.
Looking ahead, the Treasury aims to raise GHS 6.14 billion in the next auction, reflecting its ongoing strategy to balance liquidity needs with sustainable borrowing practices.
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