Government surpasses T-bill target by GH¢1.9 billion, turns down over GH¢10 billion in bids

Investor interest in Treasury bills remains strong as the Government exceeded its latest auction target by GH¢1.9 billion, despite rejecting bids worth over GH¢10 billion.

According to auction results from the Bank of Ghana, the Government initially sought to raise GH¢7.73 billion but received bids totalling GH¢9.6 billion, surpassing its target by 165%.

Demand was particularly high for the 91-day and 182-day Treasury bills, which attracted bids of GH¢7.38 billion and GH¢5 billion, respectively. However, the Government accepted only GH¢4.23 billion for the 91-day bill and GH¢1.43 billion for the 182-day bill. The 364-day bill saw bids amounting to GH¢8.11 billion, with GH¢3.96 billion accepted.

Despite the strong demand, interest rates on short-term instruments declined. The 91-day bill dropped to 24.47% from 26.85%, the 182-day bill fell to 25.38% from 27.80%, and the 364-day bill declined to 27.29% from 29.07%.

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Looking ahead, the Government is set to raise an additional GH¢6.49 billion in its next auction on Friday, February 28, 2025.