Ghana Treasury bill bids nearly double government target

Investor demand for Ghana’s Treasury bills significantly exceeded government targets during the latest primary market auction. According to Bank of Ghana data, investors submitted bids totaling GH¢11.28 billion for 91-day, 182-day, and 364-day bills, which was 88.2% above the government’s GH¢5.99 billion target.

Despite the high interest, the government adopted a cautious borrowing strategy, accepting only GH¢4.88 billion of the total bids. The 91-day bill saw the highest level of patronage, with GH¢5.07 billion in bids and GH¢4.07 billion accepted. The 182-day bill received GH¢1.28 billion in bids, of which GH¢526.44 million was accepted, while the 364-day bill drew GH¢4.93 billion in bids but saw only GH¢289.70 million accepted.

The limited uptake by the government contributed to a decline in yields across the curve. The 91-day bill yield fell by 16 basis points to 5.46%, the 182-day bill dropped by 25 basis points to 7.27%, and the 364-day bill saw the largest decrease, falling 48 basis points to 12.50%.