Treasury Misses GHS 3.35bn Auction Target; Sets GHS 7.52bn Target in Next Auction
The Government of Ghana raised a total of GHS 2.97 billion from the domestic debt market at its latest Treasury bills auction on July 3, 2025, falling short of its GHS 3.35 billion target by approximately GHS 390 million, as the state continues to lean on short-term debt to finance its fiscal operations.
The results, published by the Bank of Ghana, show that the government fully accepted all bids tendered across the three tenors—91-day, 182-day, and 364-day bills—despite the auction’s slight underperformance against target.
The 91-day Treasury bill attracted the largest share of investor interest, raising GHS 2.03 billion at a weighted average interest rate of 14.57%. The 182-day bill garnered GHS 622.79 million, clearing at an average yield of 15.02%, while the 364-day tenor raised GHS 316.27 million at an average yield of 15.17%.
Accepted bid rates across maturities ranged between 12.89% and 15.25%, reflecting elevated market expectations for returns.
The shortfall follows a similarly modest under-subscription in the previous auction on June 27, 2025, where the government secured GHS 3.34 billion from GHS 3.64 billion tendered.
Looking ahead, the government has set an ambitious target of GHS 7.53 billion for its next auction, Tender 1963, signaling increased short-term borrowing requirements. The move is likely to test market appetite further, particularly as the country grapples with ongoing fiscal consolidation efforts and tightening monetary conditions.
Market participants will be closely watching whether investor demand can keep pace with the government’s expanding issuance programme without pushing yields higher.
Meanwhile, Primary Dealers remain the key players in the wholesale market for government securities, with retail investors encouraged to access these instruments through the Ghana Fixed Income Market.
