Hot Source…investors overshoot previous auction by 14% while yields ease
Investor appetite for Ghana’s short-term debt remained strong last week, with bids for Treasury bills topping the government’s goal by more than 14%, fresh Bank of Ghana figures show.
The Treasury accepted GHC3.43 billion in bids against a planned GHC3.01 billion, underscoring persistent demand for short-term government paper despite broader market volatility.
The 91-day bill dominated activity, with GHC2.57 billion accepted from GHC2.58 billion tendered. The 182-day note followed, recording GHC608 million of the GHC613 million offered, while the 364-day bill saw GHC247 million accepted from GHC250 million submitted.
Rates eased across the curve. The 91-day yield slipped 7 basis points to 10.45%, the 182-day dropped 8 basis points to 12.36%, and the 364-day fell 7 basis points to 12.88%.
Analysts say the softer yields reflect strong liquidity and investor confidence in the government’s short-term debt programme.
The Finance Ministry has now set a higher target of GH¢5.58 billion for the upcoming auction, signalling continued reliance on domestic borrowing to meet near-term financing needs.
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