Ghana Treasury Bill Auction Falls Short of Target, 91-Day Yield Holds at 4.69%
Government’s Treasury Bill auction fell short of its GH¢4.1 billion target, accepting only GH¢1.8 billion of bids
In Brief
- •Government’s Treasury Bill auction fell short of its GH¢4.1 billion target, accepting only GH¢1.8 billion of bids
- •The 91‑day bill attracted GH¢2.28 billion in bids (57.8% of total) but its yield remained unchanged at 4.69%
- •Interest rates on the 182‑day and 364‑day bills fell, to 6.48% and 9.98% respectively
Why It Matters
The Treasury Bill auction is a key tool for the Bank of Ghana to manage liquidity and fund government spending. Falling short of the target signals weaker demand for short‑term debt, which could affect the government’s ability to refinance its obligations at favorable rates. The unchanged 91‑day yield indicates that short‑term borrowing costs remain stable, but the decline in longer‑term rates may reflect market expectations of easing inflation or monetary policy adjustments.
Key Details
- Auction Target
- GH¢4.1 billion
- Accepted Amount
- GH¢1.8 billion
- 91‑Day Bill Bids
- GH¢2.28 billion
- 91‑Day Bill Yield
- 4.69%
Context & Background
Treasury Bill auctions are routinely used by the Bank of Ghana to manage short‑term liquidity and fund government debt. This was the first time in over two months that the auction failed to meet its target, highlighting a shift in investor appetite.
Original Reporting & Sources
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