Ghana’s government raised more than expected from its latest Treasury bill auction, pulling in GHS7.26 billion—surpassing its GHS6.14 billion target by GHS550 million, according to data released by the Bank of Ghana.

Despite the oversubscription, authorities rejected GHS570.64 million in bids, indicating a selective approach to managing borrowing costs as interest rates continue to ease across the yield curve.

The 91-day bill saw the strongest demand, attracting GHS5.32 billion in bids, with GHS5.21 billion accepted. For the 182-day bill, GHS1.56 billion was tendered, of which GHS1.29 billion was accepted. The 364-day note saw more muted interest, with GHS381 million submitted and GHS192 million accepted.

Yields across all tenors declined modestly from the previous week. The 91-day bill dropped to 15.32% from 15.45%, while the 182-day bill eased to 16.03% from 16.18%. The 364-day yield fell to 18.37%, down from 18.62%.

The continued downward trend in rates signals the government’s ongoing efforts to reduce domestic borrowing costs as it balances fiscal consolidation with economic growth.

The Treasury is targeting GHS6.32 billion in its next auction.

Source:TheDotNews