Government short-term borrowing continued to draw strong investor interest last week, with Treasury bill issuances exceeding targets by GH¢2.08 billion.

Data from the Bank of Ghana show that total bids for the 91-day, 182-day, and 364-day Treasury bills reached GH¢25.20 billion. Of this, GH¢11.41 billion was accepted against a target of GH¢9.32 billion.

The results reflect a measured issuance strategy amid evolving liquidity conditions and declining yields. The oversubscription rate of 170.3 per cent extends the streak of excess demand to thirteen consecutive weeks, underscoring sustained investor appetite for short-dated sovereign instruments.

A closer look at the auction reveals that the 91-day bill attracted GH¢8.60 billion in bids, with GH¢3.18 billion accepted. The 182-day bill received GH¢7.22 billion in bids, with GH¢2.45 billion allotted. The 364-day bill drew GH¢9.38 billion in bids, with GH¢5.78 billion accepted, the largest share of the total allocation, highlighting investors’ preference for locking in comparatively higher yields on the longer end of the short-term curve.

Yields continued their downward trajectory across all tenors. The 91-day bill declined by 215 basis points to 6.45 per cent, the 182-day bill fell 249 basis points to 8.18 per cent from 10.67 per cent, and the 364-day bill eased by 86 basis points to 10.20 per cent from 11.06 per cent.

Looking ahead, the Treasury has set a lower target of GH¢5.81 billion for Tender 1996, down from GH¢9.32 billion in the previous auction, signaling a potential moderation in short-term borrowing requirements amid continued strong investor demand.