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The government has surpassed its Treasury bill target by GHS 550 million, according to the latest auction results released by the Bank of Ghana.
The target for the auction was set at GHS 6.14 billion, but total bids submitted reached GHS 7.26 billion. Despite the oversubscription, the government declined GHS 570.64 million worth of bids.
Breaking down the results, the 91-day Treasury bill received bids totaling GHS 5.32 billion, of which GHS 5.21 billion was accepted. For the 182-day bill, investors submitted GHS 1.56 billion in bids, with GHS 1.29 billion accepted. Meanwhile, the 364-day bill attracted GHS 381 million in bids, with GHS 192 million accepted.
Interest rates across the different tenors remained fairly stable, ranging between 15% and 18%. Specifically, the yield on the 91-day bill eased to 15.32%, down from 15.45% the previous week. The 182-day bill also declined to 16.03% from 16.18%, while the 364-day bill dropped to 18.37% from 18.62%.
The steady decrease in yields reflects ongoing government efforts to reduce borrowing costs.
Looking ahead, the Treasury aims to raise GHS 6.32 billion in the upcoming auction.
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