Government T-Bill auctions oversubscribed for fourth straight week

The government has exceeded its treasury bill auction target for the fourth consecutive week across all three tenors.

The auction, which had a target of GH¢3.7 billion, received GH¢5.6 billion in bids, resulting in a 45% oversubscription. The government accepted GH¢5.3 billion of the bids.

For the 182-day bill, bids totaling GH¢1.52 billion were tendered, with GH¢1.45 billion accepted. Meanwhile, the 364-day bill received GH¢1.538 billion in bids, of which GH¢1.533 billion was accepted.

Yields on the treasury bills declined across all tenors. The 91-day bill yield fell by 3 basis points to 11.08%, the 182-day bill dropped to 12.43% from 12.54% the previous week, and the 364-day bill declined by 17 basis points to 12.91%.

The continued oversubscription reflects strong investor appetite for government securities despite a declining yield environment.