T-Bills Auction Attracts GHS 28.1 Billion in Bids, Accepts GHS 15.16 Billion
Government raised a total of GH¢15.16 billion in its latest Treasury bill auction held on July 25, 2025, as investor demand continued to outstrip official targets despite rising yields across all tenors.
The auction, conducted by the Bank of Ghana under Tender No. 1965, saw bids worth GH¢28.1 billion tendered—nearly four times the official target of GH¢7.7 billion. However, the government accepted just over half of the total bids, allotting GH¢15.16 billion across the 91-day, 182-day, and 364-day maturities.
The 91-day bill saw the highest level of investor interest, with GH¢13.4 billion in bids, though only GH¢5.08 billion was accepted. Yields on the short-term note declined, with the weighted average interest rates settling at 10.83%, down from 13.72% the previous week. The 182-day and 364-day bills were allotted at average rates of 13.22% and 14.30%, respectively.
The auction followed a strong showing in the previous week’s Tender No. 1964, where GH¢20.98 billion in bids were received, and GH¢10.64 billion accepted.
Meanwhile, the government has set a lower target of GH¢3.86 billion for the next auction scheduled for August 1, 2025, suggesting a shift toward moderating short-term borrowing in line with near-term cash flow projections and ongoing fiscal consolidation efforts as demand for government securities remains robust.
Treasury bills continue to play a critical role in bridging Ghana’s domestic financing needs as external funding sources remain constrained.
