Ghana Treasury bill auctions see 4% oversubscription in October

In the final primary market sale for October, Ghana's Treasury bill auction recorded a 4.13% oversubscription. Total bids reached GHS 2.55 billion against a target of GHS 2.45 billion. Despite the oversubscription, the total value of bids tendered fell by approximately 40% compared to the previous week, indicating a moderation in investor demand.

Following a selective acceptance strategy, the government accepted GHS 1.92 billion of the tendered amount. Across the entire month of October, cumulative bids reached GHS 19.97 billion against a target of GHS 16.27 billion. The Treasury accepted GHS 14.97 billion during this period, which was GHS 1.40 billion short of the cumulative monthly target.

Yields declined across all tenors. The 91-day bill yield fell by one basis point to 4.60%, the 182-day bill yield dropped by four basis points to 6.26%, and the 364-day bill yield decreased by seven basis points to 9.60%. For the upcoming week, the government aims to raise GHS 3.54 billion to cover maturing bills totaling GHS 3.21 billion.