Treasury bill demand surges as government secures GH¢11.55 billion in latest auction

Investor demand for Ghana’s Treasury bills remained strong at the latest government auction, with bids exceeding the target by 30.3%.

The government received total bids worth GH¢12.37 billion for the 91-day, 182-day and 364-day Treasury bills, surpassing its target of GH¢9.49 billion.

Of the total bids submitted, GH¢11.55 billion was accepted.

The strongest interest was recorded in the 364-day Treasury bill, which attracted bids worth GH¢8.11 billion, of which GH¢7.82 billion was accepted.

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The 91-day bill received bids worth GH¢2.95 billion, with GH¢2.60 billion accepted, while the 182-day bill attracted bids worth GH¢1.31 billion, of which GH¢1.12 billion was accepted.

Yields across the three instruments recorded mixed movements. The yield on the 91-day Treasury bill remained unchanged at 5.78%, while that of the 182-day bill increased slightly to 7.68% from 7.67%.

Meanwhile, the yield on the 364-day bill declined to 12.96% from 12.99%.

Analysts say the strong participation reflects improved liquidity conditions and continued investor preference for government securities due to their relatively low-risk nature.

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The latest auction comes as the government continues to rely on the domestic debt market to support its financing needs.

For the next auction, the government is targeting to raise GH¢5.87 billion through the issuance of 91-day, 182-day and 364-day Treasury bills.

DR/MA