The government experienced a marginal oversubscription in its recent treasury bill sales, marking a notable turnaround after three weeks of failing to meet its targets.
This positive development coincides with the International Monetary Fund’s approval of the third review of Ghana’s Economic Facility (ECF) Programme, following the successful restructuring of EurobondsIn this latest auction, the government raised GH¢4.63 billion, exceeding its target of GH¢4.565 billion by 1.08%.
All bids submitted were accepted, reflecting strong investor confidence.
Breaking down the bids, approximately GH¢3.88 billion—84% of the total—came from the 91-day treasury bill, underscoring its popularity among investors.
Additionally, the 182-day bill attracted around GH¢500.68 million, while the 364-day bill saw bids totalling GH¢225.96 million.In tandem with this oversubscription, interest rates on the yield curve experienced slight fluctuations.
The yield on the 91-day bill rose by 16 basis points to reach 25.61%, while the 182-day bill’s yield increased to 26.90%, up from the previous week’s 26.80%. Conversely, the yield for the 364-day bill decreased by 7 basis points to 28.58%.
Here’s a summary of the securities auction:
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢)
|| 91-Day Bill | 3.887 billion | 3.887 billion
|| 182-Day Bill | 500.68 million | 500.68 million
|| 364-Day Bill | 225.96 million | 225.96 million
|| Total | 4.61447 billion | 4.61447 billion
|| Target | 4.565 billion | |
This successful auction signals a recovery in the government’s treasury bill offerings and suggests increasing market confidence amid ongoing economic reforms.
Story by:Mercy Addai Turkson
