Last week, the government missed its Treasury bills target by 13%, securing GH¢4.61 billion against the intended GH¢5.32 billion. Data from the Bank of Ghana indicates that, as in previous weeks, all bids tendered were fully accepted.
A closer look at the auction shows that the 91-day bill attracted the bulk of subscriptions, recording GH¢3.75 billion in bids. The 182-day bill followed with GH¢567 million, while the 364-day bill drew GH¢309 million.
Market analysts suggest the Treasury’s financing requirements may have reached their peak, leading to a strategic pivot — placing greater emphasis on meeting funding targets rather than containing yields.
This could explain the continued full acceptance of bids despite modest increases in interest rates.
Yields edged up slightly across all tenors, with the 91-day bill gaining 14 basis points to 10.81%, the 182-day rising 3 basis points to 12.49%, and the 364-day inching up 8 basis points to 12.95%.
Looking ahead, the government has set a higher target of GH¢6.83 billion for the next auction.
