Ghana treasury bill auction undersubscribed by 16% as yields show mixed moves

Ghana’s Treasury reported that demand for its latest treasury‑bill auction fell short of the target, leaving the issue undersubscribed by 16%.

Auction figures

The Treasury received total bids of GH¢4.17 billion but accepted GH¢3.48 billion, below the GH¢5.02 billion target. Bids were dominated by the 91‑day instrument, which attracted GH¢2.94 billion in bids, of which GH¢2.20 billion were accepted. The 182‑day bill received about GH¢1.11 billion in bids, with GH¢692.3 million accepted, while the 364‑day bill saw roughly GH¢1.12 billion tendered and GH¢587.6 million accepted.

Yield movements

Yield on the 91‑day bill rose 2 basis points to 4.62%, the 182‑day bill edged up to 6.31% from 6.27%, and the 364‑day bill fell 4 basis points to 9.71%.

The Bank of Ghana has not announced further measures, and the Treasury’s next auction schedule remains unchanged.