T-Bills auction sees strong investor comeback

After two months of weak demand, last week’s treasury auction signaled a sharp turnaround as investors piled into short‑term government securities.

Total bids hit GH¢7.83 billion, overshooting the government’s target by GH¢1.74 billion. This was an oversubscription of nearly 80%.

According to the Bank of Ghana, the government had set out to raise GH¢4.35 billion across the 91‑day, 182‑day, and 364‑day Treasury bills.

Out of the bids received, GH¢6.09 billion was accepted.

The 91‑day bill drew the bulk of investor interest, with bids amounting to GH¢5.72 billion, of which GH¢4.37 billion was taken up.

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The 182‑day bill attracted GH¢0.65 billion in bids, with GH¢0.57 billion accepted, while the 364‑day bill saw GH¢1.46 billion in bids, of which GH¢1.14 billion was approved.

The surge reflects renewed investor confidence in short‑term securities, especially as many shift away from equities into safer, more liquid fixed‑income options.

Looking ahead, the government plans to raise GH¢4.30 billion in the next auction to refinance upcoming maturities and meet short‑term funding needs.

SA