The government ended its 2025 domestic borrowing program on a strong note, with its final Treasury bill auction on December 24, drawing significant investor interest and oversubscription.
It targeted GHC3.306 billion across all tenors but received total bids of GHC3.917 billion. Showing fiscal restraint, officials accepted GHC3.857 billion above the target but below full offers.
The 91-Day Bill proved most popular, capturing the bulk of bids at GHC2.449 billion; the government took GHC2.444 billion at an 11.09% yield.
Bids for the 182-Day Bill totalled GHC781.43 million, with GHC726.43 million accepted at 12.52%. The 364-Day Bill drew GHC686.32 million in offers, all accepted at 12.94%.
By not accepting every bid especially on the 182-Day tenor this “oversubscription,” which highlights robust investor confidence and ample market liquidity at year-end.
Investor appetite faces an early 2026 test. The government’s first auction targets a steeper GHC3.991 billion to cover financing needs and roll over debt. Analysts will track whether falling yields hold or if the higher goal pushes rates up.
Story by: Mercy Addai Turkson #ahotoronline.com