T-Bill Auction Rebounds With GHS 548 Million Oversubscription as Gov’t Secures GHS 6.69 Billion in Bids
The Government of Ghana raised a total of GHS 6.69 billion in its latest Treasury securities auction held on Friday, April 25, 2025, surpassing its targeted amount of GHS 6.14 billion.
This is against the GHS 1.98 billion undersubscription witnessed in the previous week’s auction.
The auction, which recorded an oversubscription of GHS 548 million, saw strong investor appetite, particularly for shorter-dated instruments. Total bids tendered by investors amounted to GHS 7.26 billion, exceeding the government’s target by GHS 1.11 billion.
According to 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 dominating subscriptions.
For the 91-day bill, GHS 5.21 billion was accepted out of GHS 5.32 billion tendered. The 182-day bill recorded GHS 1.29 billion accepted out of GHS 1.56 billion tendered, while the 364-day bill saw GHS 192 million accepted out of GHS 381 million tendered.
A detailed analysis shows that the 91-day bill alone accounted for approximately 77.8% of the total amount accepted, reaffirming its position as the preferred investment choice among investors. The 182-day and 364-day bills constituted 19.2% and 2.8% respectively.
Meanwhile, yields across all instruments experienced marginal declines. The 91-day bill yield fell to 15.32% from 15.45% recorded in the previous auction. Similarly, the 182-day bill yield declined to 16.03% from 16.21%, while the 364-day bill yield dropped to 18.37% compared to 18.62% the previous week.
The next auction, Tender 1953, is scheduled with a target of GHS 6.32 billion, slightly higher than last week’s target. Market analysts project that the government will continue to depend heavily on short-term domestic instruments to finance its operations, as investor sentiment towards longer-term maturities remains cautious.
