Ghana’s Treasury recorded another undersubscribed auction last week, raising GHS 4.37 billion from total bids of GHS 5.47 billion—falling short of its GHS 6.67 billion target by 34.39%.
Despite easing interest rates, investor demand remained subdued, underscoring persistent caution in the market.
According to data from the Bank of Ghana, the government rejected GHS 1.09 billion in bids, continuing its selective acceptance strategy to manage borrowing costs and curb excessive yield pressures.
The 91-day Treasury bill attracted the most interest, with GHS 2.65 billion accepted from GHS 3.50 billion in bids. The 182-day instrument followed with GHS 1.67 billion accepted out of GHS 1.81 billion. However, appetite for the 364-day bill remained weak, with just GHS 48 million accepted from GHS 157 million offered.
This measured approach contributed to a sustained decline in interest rates across all maturities. The 91-day yield remained unchanged at 14.79%, the 182-day rate edged down to 15.46%, and the 364-day yield dropped by 11 basis points to 15.80%.
Looking ahead, the government plans to raise GHS 7.58 billion in the upcoming auction, as it continues to navigate the delicate balance between meeting financing needs and ensuring rate stability.
