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For the second consecutive week, the government has recorded an oversubscription in its short-term debt instrument sale, surpassing its target by GHS 2.8 billion.
The Bank of Ghana’s latest auction results reveal that in its second auction of 2025, the government raised GHS 8 billion through Treasury bill issuance, exceeding the target of GHS 5.1 billion by 55.3%.
Investor demand was strongest for the 91-day Treasury bill, which accounted for GHS 5.5 billion of the total bids. The 182-day bill attracted GHS 1.4 billion, while the 364-day bill secured GHS 1.1 billion in bids.
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Yields across all tenors continued their upward trend, with average interest rates ranging between 28% and 30%. The 91-day bill yield increased by 14 basis points to 28.33%, the 182-day bill rose by 5 basis points to 28.96%, and the 364-day bill climbed by 2 basis points to 30.17%.
Analysts attribute the strong demand for T-bills to heightened investor confidence and a strategic move to benefit from high yields amid expectations of lower rates in the future.
Looking ahead, the Treasury aims to raise GHS 6.3 billion in its next auction as it continues to leverage robust investor interest to meet funding needs.
