Government Sustains Strong Investor Appetite with 75.86% Oversubscription in Latest Treasury Bill Auction
The government maintained strong investor interest at its latest treasury bill auction, recording a 75.86 percent oversubscription for the ninth consecutive week, underscoring sustained confidence in short-term government securities.
Total bids accepted at the auction amounted to approximately GH¢12.30 billion, significantly exceeding the government’s target of GH¢6.99 billion.
Investor demand remained heavily skewed towards the longer end of the short-term yield curve, reflecting a continued preference for longer-dated short-term instruments. The 364-day bill attracted bids estimated at GH¢6.54 billion, of which GH¢5.97 billion was accepted by the government.
The 182-day bill also recorded strong demand, with bids of approximately GH¢4.65 billion. Accepted bids for the medium-tenor instrument stood at about GH¢3.54 billion. Meanwhile, the 91-day bill received bids nearing GH¢5.90 billion, with close to GH¢2.78 billion accepted.
Yields declined across the yield curve, signaling easing pricing conditions amid strong demand. The yield on the 91-day bill fell to 10.82 percent, while the 182-day bill yield edged down to 12.38 percent from 12.66 percent at the previous auction.
Similarly, the yield on the 364-day bill declined by 26 basis points to settle at 13.06 percent.
The continued oversubscription and downward movement in yields suggest improving liquidity conditions and sustained investor confidence in government securities, particularly at the longer end of the short-term market.
