Ghana T-bill auction clears 79% over target as one-year yield rises

Ghana’s government successfully cleared its latest Treasury bill auction, exceeding its funding target by 79%.

The result underscores continued investor appetite for short-term government debt, even as borrowing costs ticked higher for the benchmark one-year instrument.

47 billion in bids. This volume represented approximately 71% of the total bids tendered across all maturities, highlighting a clear preference for the one-year duration among market participants.

The 364-day bill emerged as the most subscribed tenor, attracting GH¢7.47 billion in bids.

This volume represented approximately 71% of the total bids tendered across all maturities, highlighting a clear preference for the one-year duration among market participants.

The divergence between strong subscription levels and rising yields suggests that while demand remains robust, the government is facing upward pressure on its cost of funds.

This dynamic contrasts with previous auctions where yields declined across the curve, indicating a shift in market sentiment or liquidity conditions.