Government raised GH¢12.83 billion at its latest Treasury bill auction, exceeding its target by GH¢2.97 billion as investor demand for short-term securities remained robust.

According to data from the Bank of Ghana, total bids across the 91-day, 182-day and 364-day Treasury bills amounted to GH¢15.91 billion, against a target of GH¢9.83 billion. The government accepted GH¢12.83 billion, translating into an oversubscription rate of 61.95 per cent.

This marks the ninth consecutive week of oversubscription, highlighting sustained investor confidence in Ghana’s short-dated sovereign instruments.

The 364-day Treasury bill attracted the strongest demand, recording GH¢7.45 billion in bids, of which GH¢5.07 billion was accepted. The 182-day bill saw bids of GH¢4.29 billion, almost fully taken up at GH¢4.28 billion, while the 91-day bill recorded GH¢4.16 billion in bids, with GH¢3.44 billion accepted.

Market analysts attribute the strong appetite for the 364-day instrument to its relatively attractive yield. With expectations of further monetary policy easing, investors appear keen to lock in current returns before interest rates trend lower.

At the auction, the 91-day bill rate remained unchanged at 11.19 per cent. The 182-day bill edged up by 2 basis points to 12.66 per cent from 12.64 per cent, while the 364-day bill recorded the sharpest increase, rising 8 basis points to 13.06 per cent from 12.98 per cent.

Looking ahead, the Treasury plans to raise GH¢6.99 billion at the next auction across the three short-term instruments.