The government has recorded a 110% oversubscription in its latest treasury bills auction—the first such outcome in seven weeks. The oversubscription, however, was largely driven by a reduced issuance target rather than an increase in investor demand.
Government targeted GH¢2.86 billion but received GH¢6.03 billion in bids, ultimately accepting GH¢5.78 billion.
More than 42% of total bids came from the 91-day treasury bill, with GH¢2.57 billion tendered and GH¢2.56 billion accepted.
For the 182-day bill, investors tendered GH¢1.64 billion, out of which GH¢1.62 billion was accepted.
Similarly, GH¢1.81 billion in bids were submitted for the 364-day bill, with a little over GH¢1.58 billion accepted.
Despite a recent 350-basis-point reduction in the Bank of Ghana’s policy rate, yields across the curve moved in different directions. The 91-day bill saw a slight uptick, rising to 11.05%.
The 182-day yield, however, declined to 12.43%, down from 12.66% the previous week, while the 364-day bill remained unchanged at 13.08%.
Summary of Bids
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
|---|---|---|
| 91-Day Bill | 2.574bn | 2.569bn |
| 182-Day Bill | 1.648bn | 1.629bn |
| 364-Day Bill | 1.811bn | 1.583bn |
| Target | 2.862bn | — |
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