Ghana Treasury Bill Auction Exceeds Target by 53.5%, Yields Decline
Treasury raised GH¢4.41 billion, surpassing the GH¢2.87 billion target by 53.5 %
In Brief
- •Treasury raised GH¢4.41 billion, surpassing the GH¢2.87 billion target by 53.5 %
- •Bids: 91‑day GH¢3.29 billion (accepted GH¢3.01 billion), 182‑day GH¢1.31 billion (accepted GH¢1.26 billion), 364‑day GH¢468 million (accepted GH¢136 million)
- •Yields fell across all maturities: 91‑day 4.60 % from 4.64 %, 182‑day 6.28 % from 6.32 %, 364‑day 9.75 % from 9.80 %
- •The Treasury relied mainly on shorter‑dated instruments to meet financing needs
Why It Matters
The oversubscription signals strong investor confidence in Ghana’s short‑term debt, allowing the Treasury to raise more capital than planned while keeping borrowing costs low. Lower yields across maturities suggest that investors are willing to accept slightly reduced returns, which could ease the government’s fiscal burden and support broader economic stability.
Key Details
- Total Raised
- GH¢4.41 billion
- Target Raised
- GH¢2.87 billion
- Oversubscription
- 53.5 %
- 91‑day Yield
- 4.60 %
- 364‑day Yield
- 9.75 %
Context & Background
Ghana’s Treasury regularly auctions bills to finance short‑term borrowing; recent auctions have seen declining yields, reflecting a tightening of the market and improved investor appetite.
Original Reporting & Sources
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