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Ghana’s short-term debt market has seen a significant boost in investor confidence, with the latest treasury bill auction recording a 38.14% oversubscription. The Bank of Ghana reported that investors submitted bids worth GH¢8.01 billion, exceeding the government’s target of GH¢5.80 billion.
The 91-day bill led the demand, attracting GH¢4.90 billion in tenders, with GH¢4.09 billion accepted. The 182-day bill saw its yield climb to 12.55%, while the 364-day bill’s yield moderated to 12.70%. The Treasury has accepted GH¢6.95 billion, indicating a strong appetite for risk-free government securities.
The oversubscription is a positive sign of investor confidence in Ghana’s economy, and the government is now targeting GH¢6.94 billion in its next auction.
On the yield curve, short-term rates showed mixed movements. The 91-day bill edged up by 3 basis points to 11.08%, reflecting slight tightening in liquidity conditions.
The 182-day bill also climbed sharply to 12.55% from 12.43% the previous week. In contrast, the 364-day bill saw its yield moderate to 12.70%, down from 13.08%, suggesting a softening of investor expectations on the longer end of the T-bill spectrum.
With momentum still strong, the Treasury is now targeting GH¢6.94 billion in its next auction across the three maturities.
