T-bills auction: Government misses target first time in 2025; declining interest rates cease

The government missed its treasury bill target for the first time in 2025.

According to auction results by the Bank of Ghana, the government recorded an 18% under-subscription of the sale of the short-term instruments.

The government got GH¢4.99 billion from the T-bills auction. It however accepted GH¢ 3.31 billion.

A chunk of the bids came from the 91-day bill as GH¢ 3.63 billion, representing 72.7% of the total bids were tendered.

The 182-day bill however received bids worth GH¢741.38 million. However, the uptake was GH¢ 574.49 million.

For the 364-day bill, the bids tendered were estimated at GH¢ 622.7 million. However, GH¢406.07 million were accepted.

Meanwhile, interest rates remained relatively unchanged across the yield curve.

The yield on the 91-day T-bill fell by only 12 basis points to 15.85%.

However, that of the 182-day bill was unchanged at 16.92%.

The rate on the 364-day bill fell marginally to 18.84 from the previous week’s 18.96%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	3.631bn	2.339bn
182 Day Bill	741.38m	574.49m
364 Day Bill	622.07m	406.07m

Total	4.994bn	3.31bn
Target	6.142bn

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