The government slightly missed the target in the latest treasury bill auction, securing GH¢5.2 billion against a target of GH¢5.38 billion, representing an undersubscription of approximately 3.15 per cent.
The auction conducted on Friday, May 9, 2025, saw the government accepting all bids across the 91-day, 182-day, and 364-day tenors, indicating continued investor interest despite a trend of declining interest rates, according to figures released by the Bank of Ghana on Monday.
An analysis of the auction results reveals that the 91-day bill remained the most attractive to investors, with total bids amounting to GH¢3.8 billion.
The 182-day bill garnered bids worth GH¢747.06 million, while the longer-term 364-day bill received bids totalling GH¢611.14 million.
Notably, the interest rates across all tenors witnessed a further decline.
The yield on the 91-day bill decreased to 15.16 per cent from the previous week’s 15.23 per cent.
The rate for the 182-day bill fell to 15.70 per cent from 15.77 per cent and the 364-day bill saw a drop to 16.80 per cent from 16.95 per cent.
The government has set a higher target of GH¢6.68 billion for the next treasury bill auction.
This indicates a continued reliance on short-term debt instruments to meet its financing needs.
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