The government will raise GH¢6.35 billion through the issuance of the 91-day, 182-day, and 364-day bills on Friday January 17, 2025.

This will be used to refinance maturing bills worth GH¢5.53 billion in maturing bills.

Analysts believe the increased participation in last week’s auction confirms renewed investor confidence and a desire to lock in current high interest rates.

Currently, Ghana stands out among 49 Sub-Saharan African countries for having one of the highest short-term yields and an attractive US dollar-adjusted rate, bolstered by the recent strong performance of the cedi.

Sustained participation is expected in the coming weeks, with yields likely to moderate due to strong demand.

Last week, the Treasury recorded an oversubscription of GH¢2.88 billion for the second consecutive time.

This surplus amount contributed to total accepted bids of GH¢8.08 billion against a target of GH¢5.20 billion and upcoming maturities of GH¢4.85 billion.

However, yields continued to rise, with the 91, 182, and 364-day bills settling at 28.33% (+14 basis points), 28.96% (+5 basis points), and 30.17% (+2 basis points), respectively.