Source: Africa Publicity
The Ghanaian government has once again surpassed its Treasury bill target, this time by a staggering GHS 1.9 billion. The latest auction results from the Bank of Ghana show that investors are flocking to T-bills, with bids totaling GHS 9.6 billion – a significant 165% increase over the target of GHS 7.73 billion.
The strong demand was evident across all three T-bill categories. For the 91-day and 182-day T-Bills, bids reached GHS 7.38 billion and GHS 5 billion, respectively, with the government accepting GHS 4.23 billion and GHS 1.43 billion. The 364-day bill saw bids of GHS 8.11 billion, with GHS 3.96 billion accepted.
Despite the high demand, interest rates on the short-term instruments declined. The 91-day and 182-day T-Bill rates fell to 24.47% and 25.38%, respectively, while the 364-day bill rate dropped to 27.29%.
The government aims to raise an additional GHS 6.49 billion in debt on February 28, 2025. With investor confidence running high, it will be interesting to see if this trend continues.
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