Ghana government accepts 69% of Treasury-bill target

In its latest Treasury-bill auction on October 16, the Ghanaian government accepted significantly less funding than its target, despite receiving bids that exceeded the goal. Investors tendered GH¢5.17 billion for 91-day, 182-day, and 364-day bills, surpassing the government’s GH¢5.02 billion target. However, the Treasury accepted only GH¢3.48 billion, representing approximately 69% of its financing target.

The results indicate a widening gap between the interest rates demanded by investors and those the government is willing to approve. Demand was most concentrated in the 91-day bill, which accounted for 56.92% of total tenders.

Interest rates showed mixed performance across the yield curve. The yield on the 91-day bill increased by 2.0 basis points to 4.62%, and the 182-day bill rose to 6.31%. Conversely, the yield on the 364-day bill decreased by 4.0 basis points to 9.71%.