Treasury Bill

The government plans to raise GH¢6.35 billion on January 17, 2025, through the issuance of 91-day, 182-day, and 364-day treasury bills. This will refinance maturing bills worth GH¢5.53 billion. Analysts attribute last week’s oversubscription to renewed investor confidence and the appeal of Ghana's high short-term yields, supported by the cedi’s strong performance. Last week’s auction saw an oversubscription of GH¢2.88 billion, with total accepted bids of GH¢8.08 billion, surpassing the target of GH¢5.20 billion and maturities of GH¢4.85 billion. Despite strong demand, yields rose slightly to 28.33% (+14 basis points) for 91-day bills, 28.96% (+5 basis points) for 182-day bills,…

The government recorded a 19.75% oversubscription of treasury bills barely a week after President Mahama won the presidential elections. According to the Bank of Ghana’s T-bill auction results, demand for the short-term instruments soared following successful general elections. The government got GH¢8.20 billion from selling the short-term instruments. All the bids were accepted. A little over GH¢6.740 billion were secured from the 91-day bill, representing 82.1% of the total bids. For the 182-day bill, GH¢951.67 million were tendered. The 364-day bill also recorded GH¢508.15 million from the sale of the 364-day bill. Meanwhile, interest rates neared the 30% mark. The…

Interest rates for treasury bills are still increasing despite caution that this may make maturities expensive for the government. The rates have been increasing for the greater part of the year. Despite the high rates, the government has witnessed oversubscriptions in recent times except this week when it saw a slight undersubscription. Interest rates are currently between 28.79% and 32.82%. The government secured GH¢2.49 billion from its latest treasury bill auction held on September 29, 2023. The results showed that the bills were undersubscribed marginally by GH¢70.12 million away from the set target of GH¢2.570 billion. According to the results…

The auction results for the treasury bill auction held on June 2, 2023, have shown that the government secured GH¢2.40 billion. This indicated an oversubscription of GH¢324.01 million from the target of GH¢2.08 billion. This will be the first time in four weeks that the government has surpassed its treasury bills target. Interest rates are still high nonetheless, increasing from 19% to almost 23%. The majority of the subscriptions came from the 91-day bills which received GH¢1.59 billion at an increased interest rate of 21.15%. The 182-day bill received bids worth GH¢816.62 million at an interest rate of 23.93%. The…

Demand for Treasury bills continued to gain traction as government raked in ¢8.11 billion out of total bids of ¢8.20 billion in the month of September 2022. Government thus exceeded its T-bill issuance target of ¢7.36 billion for the month with a target. The 91-day, 182-day, and 364-day tenors cleared at 30.45% (+184 basis points, 31.57% (+163 basis points), and 31.55% (+202 basis points) as yields continued their uptrend throughout September 2022. Last week, the Treasury raised GH¢999.86 million in the T-bill auction, accepting all bids. The uptake exceeded the auction target of ¢905.00 million by 10.48%. The yields on…