Ghana’s streak of Treasury bill oversubscriptions has come to an abrupt end, as the latest auction fell short of its target by ¢1.7 billion, despite a continued decline in interest rates as observed by Accra Street Journal
The Bank of Ghana’s auction report shows that the government had aimed to raise GH¢8.6 billion in the most recent sale of short-term debt. However, bids from investors totalled GH¢6.9 billion — a 20% shortfall after three straight weeks of oversubscription.
Demand was strongest for the 91-Day bill, which attracted GH¢5.03 billion in bids. The 182-Day bill followed with GH¢1.4 billion, while the 364-Day bill trailed at GH¢490 million. Out of the GH¢6.9 billion submitted, the government accepted GH¢6.7 billion, rejecting GH¢202 million worth of bids.
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Interest rates continued their steady downward trend, signalling progress toward the government’s goal of single-digit yields. The 91-Day bill rate fell from 10.2949% to 10.2009%, the 182-Day bill dropped from 12.3594% to 12.2540%, and the 364-Day bill declined from 13.2465% to 13.1022%.
Lower yields could reduce the cost of government borrowing, easing pressure on the public debt while still funding recurrent expenditure. However, the weaker demand has prompted questions about investor appetite going forward.
The government is targeting the same GH¢8.6 billion in its next auction. Market watchers will be watching closely to see whether last week’s undersubscription was a temporary blip or the start of a more cautious phase for investors.
Source: Accra Street Journal
Last Updated on August 11, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
