Gov’t Raises GHS 40.59 Billion in Treasury Bills for January 2025
Investor demand for Treasury bills surged in January 2025, with total bids reaching GHS 40.59 billion, far exceeding the government’s target. Of this, GHS 38.45 billion was accepted—an overperformance of approximately 39%.
The strong appetite was reflected in average weekly bids of GHS 7.8 billion, up from GHS 5.3 billion in 2024.
The Treasury market remains the government’s primary domestic financing avenue, buoyed by improving investor confidence.
Despite the Bank of Ghana’s Monetary Policy Committee holding its benchmark lending rate at 27%, analysts suggest that rejecting high-interest bids could contribute to a gradual decline in yields.
However, strong refinancing pressures may limit this downward movement.
In last week’s auction, the government targeted GHS 6.5 billion but secured GHS 7.9 billion in bids, surpassing expectations.
The 91-day bill attracted the most interest, with GHS 5.6 billion in bids and GHS 5.2 billion accepted.
Yields edged lower, with the 91-day bill falling to 28.41%, the 182-day bill dropping to 28.89%, and the 364-day bill dipping to 30.37%.
The Treasury aims to raise GHS 7.3 billion in its next auction, with expectations of continued strong demand.
