The government will borrow GH¢6.68 billion through the issuance of 91-day, 182-day, and 364-day bills, tomorrow, May 16, 2025.

This will be used to settle maturing debt worth GH¢6.44 billion.

Last week, the government for the second consecutive week failed to meet its treasury bills target.

This is despite an impressive performance of the Ghana cedi, ranking it as the best-performing currency in the world.

According to auction results by the Bank of Ghana, the Treasury recorded a marginal undersubscription of the T-bills auction.

Yield compression persisted. The 91-day and 182-day bills eased 7.0 basis points each to 15.16% and 15.70%, respectively, while the 364-day fell 15 basis points to 16.80% week-on-week.

Analysts believe the Treasury’s full acceptance of bids reflects alignment with market appetite rather than heightened borrowing urgency.

The narrowed yield gap between the 91- and 364-day bills suggests the Treasury may be adopting a strategic effort to moderate yield compression, particularly ahead of elevated but manageable upcoming maturities, especially in the 91-day segment.

In the near term, they expect sustained demand for the 91-day bill alongside a more gradual pace of yield easing.