Ghana’s latest Treasury bill auction was undersubscribed by GHS393 million, as investor demand fell short of the GHS7.58 billion target. The Bank of Ghana reported that total bids reached GHS7.19 billion, reflecting a 5.19% shortfall.
Despite the undersubscription, the government accepted nearly all bids, particularly for the shorter-term instruments. This move likely reflects its strategy to cover upcoming maturing obligations.
All GHS6.02 billion tendered for the 91-day bill was accepted. Similarly, the full GHS995 million for the 182-day bill was taken. However, only GHS173 million out of GHS204 million in bids were accepted for the 364-day bill.
Interest rates continued their downward trend across all tenors. The 91-day yield dropped by 9 basis points to 14.70%, the 182-day rate declined by 21 basis points to 15.25%, and the 364-day eased by 6 basis points to 15.74%.
The government has announced a new target of GHS4.55 billion for its next auction.
