Ghana’s government has once again exceeded expectations in its latest Treasury Bill (T-Bill) auction, surpassing its target by a massive 165%, according to data from the Bank of Ghana (BoG).
The government aimed to raise GHS 7.73 billion, but investors rushed in with bids totaling GHS 9.6 billion—way above the target. Here’s a breakdown of the bidding frenzy:
- 91-day T-Bill: GHS 7.38 billion in bids, with GHS 4.23 billion accepted.
- 182-day T-Bill: GHS 5 billion in bids, with GHS 1.43 billion accepted.
- 364-day T-Bill: GHS 8.11 billion in bids, with GHS 3.96 billion accepted.
Falling Interest Rates Despite High Demand
Despite the strong investor interest, interest rates on T-Bills declined:
- 91-day T-Bill: 24.47% (down from 26.85%)
- 182-day T-Bill: 25.38% (down from 27.80%)
- 364-day T-Bill: 27.29% (down from 29.07%)
The government plans to raise another GHS 6.49 billion on February 28, 2025.
Just last week, Ghana’s government also exceeded its T-Bill target, surpassing it by GHS 1.9 billion while rejecting over GHS 10 billion in bids.
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