T-Bill Auction Sees 79.5% Oversubscription as Investors Submit GHS 10.3bn in Bids
Investor demand for short-term government securities remained strong in the latest Treasury Bill (T-Bill) auction held on Friday, March 7, 2025, with total bids reaching GHS 10.30 billion—significantly surpassing the Government’s target of GHS 5.73 billion.
The oversubscription of 79.5% came despite a decline in interest rates across all tenors. Out of the total bids submitted by primary dealers, the Government accepted GHS 6.22 billion—exceeding its initial target by GHS 481 million—while rejecting bids worth GHS 4.08 billion.
Investor interest was particularly strong in the 91-day bill, which attracted GHS 6 billion in bids. However, the Government accepted only GHS 4.43 billion. The 182-day and 364-day bills saw bids of GHS 2.89 billion and GHS 1.40 billion, with accepted amounts of GHS 842 million and GHS 947 million, respectively.
Despite the robust demand, interest rates on the short-term instruments declined. The 91-day and 182-day T-Bills saw yields drop to 17.71% and 18.96%, down from 20.79% and 22.98%, respectively. The 364-day bill also recorded a decline in rates, settling at 19.98% from 22.69% in the previous auction.
Looking ahead, the Government plans to raise an additional GHS 8.26 billion in short-term debt at the next T-Bill auction scheduled for Friday, March 14, 2025.
