Investors Rush for Treasury Bills as Auction Raises GH¢4.36bn

The government’s latest Treasury bill auction bounced back strongly last week, recording its first oversubscription in four weeks.

According to fresh data from the Bank of Ghana, investors submitted bids worth GH¢4.38 billion across the 91-day, 182-day, and 364-day bills. Out of this, the Treasury accepted GH¢4.36 billion—exceeding its GH¢3.78 billion target by 15.34 percent.

A closer look at the figures shows that nearly all bids were absorbed: GH¢3.62 billion of GH¢3.63 billion for the 91-day bill, GH¢566 million of GH¢576 million for the 182-day, and GH¢182 million out of GH¢187 million for the 364-day.

Market analysts say the oversubscription was driven by a lower issuance target and stronger investor appetite, giving the government room to take up almost all bids.

On yields, the short-term securities saw marginal movements. The 91-day rose by 10 basis points to 10.42 percent, while the 182-day gained 4 basis points to 12.41 percent. The 364-day bill, however, dipped slightly by 2 basis points to 12.97 percent.

Looking forward, the government aims to raise GH¢8.2 billion at the next auction.