The government has once again recorded strong investor participation in its latest Treasury bill auction, posting a 75.86 percent oversubscription and extending a nine-week streak of robust demand for short-term government securities.
At the auction, total bids accepted amounted to approximately GH¢12.30 billion, far exceeding the government’s target of GH¢6.99 billion. The outcome highlights sustained investor confidence and ample liquidity within the financial system.
Investor appetite continued to favour the longer end of the short-term market. The 364-day Treasury bill attracted bids estimated at GH¢6.54 billion, with the government accepting GH¢5.97 billion. This made it the most sought-after instrument at the auction.
Demand for the 182-day bill was also strong, with bids reaching about GH¢4.65 billion. Out of this amount, GH¢3.54 billion was accepted. Meanwhile, the 91-day bill recorded bids close to GH¢5.90 billion, although the government accepted a relatively lower GH¢2.78 billion.
Strong demand across all tenors contributed to a decline in yields, pointing to easing pricing conditions. The yield on the 91-day bill fell to 10.82 percent, while the 182-day bill declined to 12.38 percent from 12.66 percent at the previous auction. The 364-day bill also saw a notable drop, with its yield falling by 26 basis points to 13.06 percent.
The continued oversubscription and downward movement in yields signal improving liquidity conditions and sustained investor confidence in government securities, particularly for longer-dated short-term instruments.
