Treasury Bill Demand Remains High Despite Falling Yields

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.

SOURCE: Joy Business