Treasury Bill Demand Remains High Despite Falling Yields
5 months ago
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Investor appetite for Treasury bills remains strong, with the latest auction results from the Bank of Ghana showing a significant oversubscription of 43.85%.
The government raised GH¢10.559 billion from short-term securities but accepted GH¢7.650 billion. The 91-day T-bill dominated the auction, attracting over GH¢6.1 billion in bids—approximately 58% of the total—though only GH¢3.87 billion was accepted.
For the 182-day bill, investors tendered GH¢4.419 billion, with the Treasury taking GH¢3.7 billion. However, there were no bids for the 364-day bill.
Meanwhile, yields continued their downward trend for the second consecutive week. The 91-day bill’s rate dropped by 43 basis points to 27.98%, while the 182-day bill declined to 28.68% from 28.89% in the previous auction.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 6.139bn | 3.877bn |
| 182 Day Bill | 4.419bn | 3.77bn |
| Total | 10.599bn | 7.650bn |
| Target | 7.258bn |
SOURCE: Joy Business
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