Ghana’s government successfully cleared its latest Treasury bill auction, exceeding its funding target by 73% as interest rates declined across the curve.
The result marks a positive development for the central bank’s liquidity management efforts, suggesting that domestic investor appetite for short-term government debt remains robust despite broader macroeconomic headwinds.
9% of the total bids received, indicating a clear preference for longer-dated short-term paper among investors.
The 364-day bill emerged as the most sought-after instrument, with GH¢8.31 billion in bids tendered.
This volume represented 64.9% of the total bids received, indicating a clear preference for longer-dated short-term paper among investors.
The heavy participation in the one-year tenor helped drive down the cut-off rates, providing a reprieve for the government’s borrowing costs.
The auction’s success comes against a backdrop of global market shifts, with US Treasury yields recently falling on softer-than-expected producer price data.