Government Raises GH¢4.41 Billion in Treasury Bill Auction, Exceeding Target by 53.5%
Government has raised approximately GH¢4.41 billion through its latest Treasury bill auction, surpassing its GH¢2.87 billion target by about 53.5% as investor demand remained strong despite declining yields. The 91-day bill attracted GH¢3.29 billion in bids, of which GH¢3.01 billion was accepted, while the 182-day instrument received GH¢1.31 billion in tenders, with GH¢1.26 billion taken up. For the 364-day bill, investors submitted bids worth GH¢468 million, but the Treasury accepted only GH¢136 million, indicating a stronger reliance on shorter-term securities to meet its financing needs.
Yields declined across all three maturities, with the 91-day rate falling from 4.64% to 4.60%, the 182-day yield easing from 6.32% to 6.28%, and the 364-day rate dropping from 9.80% to 9.75%. Although the reductions were modest, the auction results suggest investors were prepared to accept slightly lower returns on government securities. The one-year bill continued to offer a substantially higher yield than the shorter-dated instruments, reflecting the longer commitment of funds. Sustained demand in subsequent auctions could help government manage its short-term borrowing costs, although future results will determine whether the downward trend in yields continues.
