Investors showed strong appetite for Ghana’s Treasury bills last week, submitting GH¢14.27 billion in bids 162.9% more than the government’s GH¢5.43 billion target.
Despite the heavy demand, the government accepted only GH¢5.85 billion, leaving about GH¢8.41 billion in bids rejected.
The 364-day bill attracted the most interest, with investors tendering GH¢9.94 billion, although only GH¢2.69 billion was accepted. The 91-day bill received GH¢3.12 billion in bids, with GH¢2.40 billion accepted, while the 182-day bill attracted GH¢1.20 billion, of which GH¢766.21 million was accepted.
Strong demand also pushed Treasury bill yields lower across all three maturities. The 91-day yield fell to 5.07%, from 5.46%, while the 182-day yield dropped to 7.07%, from 7.27%.
The biggest decline came on the 364-day bill, whose yield fell sharply from 12.50% to 11.59%.
Analysts link the increased liquidity to recent Domestic Debt Exchange Programme coupon payments, which have injected more cash into the financial system and strengthened demand for government securities.
For the next auction, the government is targeting GH¢5.15 billion through 91-day, 182-day and 364-day Treasury bills.
