T-Bills undersubscribed by GH¢1.59 billion as government raises GH¢4.72 billion

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Government raises GH¢4.72 billion in its latest treasury bill auction on May 2

The government raised GH¢4.72 billion in its latest treasury bill auction on Friday, May 2, 2025, falling short of the government's GH¢6.32 billion target and marking a sharp reversal from the previous week's oversubscription of GH¢548 million.

Investor demand totaled GH¢5.29 billion, of which GH¢4.72 billion was accepted.

The auction recorded an undersubscription of GH¢1.59 billion, underscoring growing investor caution amid declining yields and persistent macroeconomic uncertainties.

The auction results, published by the Bank of Ghana, showed a strong appetite for shorter-term instruments, with the 91-day bill accounting for 63.1% of the total amount accepted.

All GH¢2.98 billion tendered for the 91-day paper was accepted, suggesting investors continue to prefer liquidity and lower duration risk.

Meanwhile, GH¢668 million was accepted for the 182-day tenor out of GH¢869 million tendered, while GH¢1.07 billion was secured for the 364-day bill from bids totaling GHS 1.43 billion.

Yields across all maturities declined modestly, reflecting the central bank’s ongoing monetary stabilisation efforts.

The 91-day yield fell to 15.23% from 15.32%, the 182-day bill eased to 15.77% from 16.03%, and the 364-day instrument declined to 16.95%, down sharply from 18.37% a week earlier.

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