Treasury bill auction records strong oversubscription as investors return to short-term securities
After two months of subdued demand, Ghana’s latest treasury bill auction has recorded a significant rebound, with investors showing renewed appetite for short-term government securities.
Total bids for the week reached GH¢7.83 billion, exceeding the government’s target by GH¢1.74 billion and representing an oversubscription of about 80 percent.
According to data from the Bank of Ghana, the government had initially aimed to raise GH¢4.35 billion across the 91-day, 182-day, and 364-day Treasury bill maturities.
Out of the total bids received, GH¢6.09 billion was accepted.
The 91-day Treasury bill attracted the highest demand, with investors submitting GH¢5.72 billion in bids. Of this amount, GH¢4.37 billion was accepted.
For the 182-day bill, GH¢0.65 billion was tendered, with GH¢0.57 billion taken up, while the 364-day bill received GH¢1.46 billion in bids, of which GH¢1.14 billion was accepted.
Market analysts say the strong uptake reflects renewed confidence in short-term government securities, as investors increasingly favour safer and more liquid fixed-income instruments over equities.
The trend also suggests a shift in investor strategy amid evolving market conditions, with treasury bills once again becoming an attractive investment option.
Looking ahead, the government is expected to raise GH¢4.30 billion in the next auction, primarily to refinance maturing obligations and meet short-term financing needs.
Comments (0)