T-bills auction: Bids hit GH¢5.01bn, 41% above target, as 91-day yield edges up
The Treasury accepted GH¢4.10 billion out of GH¢5.01 billion tendered at the latest auction, while the 91-day rate ticked up to 4.56 per cent.
In a recent government auction, investors submitted a record GH¢5.01 billion in bids, surpassing the Treasury's target by a significant 41 percent. The 91-day bill emerged as the most popular instrument, with investors submitting over GH¢3.0 billion in offers, accounting for 59 percent of all bids. This demand led to an increase in the yield on the 91-day bill, which rose by 2.0 basis points to settle at 4.56 percent.
In contrast, the rates on the 182-day and 364-day bills declined, with the 182-day bill's yield dropping by 6.0 basis points to 6.20 percent and the 364-day bill's yield falling by 12.0 basis points to 9.48 percent. This shift in rates follows months of the Ghana Reference Rate reaching its lowest level of 2026, settling at 10.01 percent.
The auction results indicate a strong preference for short-term instruments, as the government accepted bids significantly lower than its GS¢3.54 billion target, opting instead to roll over maturing bills worth GS¢3.21 billion. With the government refraining from new Eurobond issuances until 2030, domestic Treasury bills have become the primary vehicle for short-term liquidity management ahead of the 2027 budget presentation on November 12.
Written by urgent.news from 3News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
