Investor appetite for Ghana’s Treasury bills weakened last week, with bids falling short of the government’s target by GHC1.69 billion, according to auction results from the Bank of Ghana.
The government had aimed to raise GHC4.93 billion through the sale of 91-day, 182-day, and 364-day Treasury bills. However, total bids amounted to GHC3.94 billion, of which GHC3.23 billion was accepted.
Short-term instruments remained the most popular. The 91-day bill received bids totaling GHC2.55 billion, with GHC2.21 billion accepted. The 182-day bill recorded GHC762.97 million in bids, with GHC661 million taken up, while the 364-day instrument attracted GHC625.12 million in bids, of which only GHC359.17 million was accepted.
Interest rates edged higher across all tenors. The 91-day bill rate rose slightly to 4.81 percent from 4.78 percent, the 182-day yield jumped 26 basis points to 6.62 percent, and the 364-day bill climbed 19 basis points to 9.77 percent.
The marginal rise in yields indicates a repricing of investor expectations, reflecting potential uncertainties around inflation and market positioning ahead of an anticipated Treasury bond issuance.
Looking forward, the government plans to target GHC4.67 billion in the next auction to cover upcoming maturities and meet short-term financing needs.
Source: asaaseradio.com
