Ghana Government Records Oversubscription in Treasury Bill Auction

The government of Ghana has achieved an oversubscription in its short-term debt instrument auction for the second consecutive week, indicating strong investor demand and confidence.

According to the latest results from the Bank of Ghana, the government successfully raised GH¢8 billion through Treasury bills in its second auction of 2025. This figure significantly surpasses the initial target of GH¢5.1 billion by GH¢2.8 billion, reflecting a 55.3% increase in investor interest.

Among the Treasury bills, the 91-day bill attracted the most attention, drawing in GH¢5.5 billion in bids. The 182-day bill secured GH¢1.4 billion, while the 364-day bill received GH¢1.1 billion in bids.

Yields across all tenors have continued to rise, with rates ranging between 28% and 30%. The yield for the 91-day bill increased by 14 basis points to 28.33%, the 182-day bill rose by 5 basis points to 28.96%, and the 364-day bill increased by 2 basis points to 30.17%.

Experts attribute the heightened demand for Treasury bills to growing investor confidence and the allure of high yields, especially amid expectations of future rate reductions.

Looking ahead, the Treasury aims to raise GH¢6.3 billion in its next auction, continuing its strategy of leveraging strong investor participation to meet its financing requirements.