Treasury Exceeds Expectations with GHS 4.61bn T-Bill Auction Amid Yield Upticks
The Treasury successfully mobilized GHS 4.61 billion in its T-Bill auction held on Friday, October 11, 2024, surpassing its programmed target of GHS 4.56 billion by GHS 47 million.
This marks a significant rebound following three consecutive weeks of undersubscription, during which the government faced a GHS 2.30 billion shortfall in the previous auction, raising only GHS 3.67 billion against a target of GHS 5.98 billion.
The recent oversubscription can be attributed to slight increases in yields across all three tenors offered.
The 91-day Bill was the most popular, attracting subscriptions totaling GHS 3.88 billion, followed by the 182-day Bill at GHS 500 million, and the 364-day Bill, which received GHS 225 million in bids.
Yields for the three maturities also saw upward adjustments during the auction, with the 91-day Bill ending at 25.61%, reflecting an increase of 0.16%. The 182-day Bill yielded 26.90% after a 0.10% rise, while the 364-day Bill rose to 28.58%, up by 0.07%.
Looking ahead, the government aims to raise GHS 4.03 billion in its next Treasury Bill auction, maintaining its focus on the 91-day, 182-day, and 364-day maturities as it continues to navigate market conditions and raise short-term funds to finance government operations.
