Gov’t Misses GHS 6.60 Billion Treasury Target, Raises GHS 4.62 Billion From Short-Term Bills
The Government of Ghana raised GHS 4.62 billion in the latest Treasury securities auction held on Thursday, April 17, 2025, falling short of its GHS 6.60 billion target as investors continued to show strong preference for shorter-dated instruments.
According to auction results published by the Bank of Ghana, bids were received and accepted across the 91-day, 182-day, and 364-day tenors, with the 91-day bill receiving the bulk of subscriptions.
Breakdown of the accepted bids is as follows:
91-day bill: GHS 3.67 billion accepted out of GHS 5.05 billion tendered
182-day bill: GHS 630 million accepted out of GHS 905 million tendered
364-day bill: GHS 324 million accepted out of GHS 481 million tendered
The total auction results reflect an undersubscription of GHS 1.97 billion, underscoring a cautious investor stance despite persistent demand for short-term government securities.
A deeper look at the data reveals that the 91-day bill alone accounted for approximately 79.4% of the total amount accepted, reinforcing its status as the most preferred investment option among investors.
The 182-day and 364-day bills followed with 13.6% and 7% respectively of the total accepted bids.
Yields Decline Marginally Across Board
Yields across all instruments saw marginal movements, with the 91-day yield remaining unchanged at 15.45%. The 182-day bill saw a slight drop to 16.21%, down from 16.81% the previous week.
Similarly, the 364-day bill yield dipped slightly to 18.62%, compared to the previous week’s 18.65%.
Market Outlook
The upcoming auction, Tender 1952, is scheduled with a target of GHS 6.14 billion, slightly below this week’s target. Market analysts suggest that the government is expected to maintain its reliance on short-term domestic instruments as a primary financing tool amid cautious investor sentiments toward longer-term maturities.
