Investor demand for Treasury bills remained strong at the latest primary market auction, with total bids exceeding the government’s target by 51.6%.
Data from the Bank of Ghana shows that investors tendered a total of GH¢9.94 billion across the 91-day, 182-day and 364-day Treasury bills, against the government’s target of GH¢6.55 billion.
This resulted in an oversubscription with bids exceeding the government’s target by approximately GH¢3.38 billion.
The government accepted GH¢8.38 billion of the bids submitted, exceeding its target by about GH¢1.83 billion.
The auction results show that the 91-day bill accounted for the bulk of investor demand, attracting nearly two-thirds of the total amount tendered across the three Treasury bill tenors.
It attracted GH¢6.23 billion in bids, of which the government accepted GH¢5.84 billion.
For the 182-day bill, investors submitted bids worth GH¢1.92 billion, of which GH¢1.59 billion was accepted.
The 364-day bill attracted GH¢1.80 billion in bids, with the government accepting GH¢952.77 million.
Yields continued to decline across the Treasury bill curve, reflecting strong market liquidity and sustained investor appetite for government securities.
The yield on the 91-day bill fell by 14 basis points to 4.80%, from 4.94% at the previous auction.
Similarly, the 182-day bill yield declined by 17 basis points to 6.68%, from 6.85%.
The 364-day bill recorded the sharpest decline, with its yield falling by 66 basis points to 10.11%, from 10.77%.
For the next auction, the government is seeking to raise GH¢7.97 billion through the issuance of 91-day, 182-day and 364-day Treasury bills.
