Accra: The Government has successfully mobilised GHS5.49 billion from its latest Treasury bill auction, as announced by the Bank of Ghana. This auction, conducted under Tender 1966, took place on Friday, August 1, and is scheduled for issue on Monday, August 4, 2025. The auction attracted substantial investor interest, with total bids amounting to GHS6.79 billion, significantly surpassing the government's target of GHS3.86 billion. Ultimately, GHS5.49 billion worth of bids were accepted.
According to Ghana News Agency, the auction's breakdown revealed that for the 91-day bill, GHS4.32 billion was accepted out of the GHS4.86 billion tendered. In the case of the 182-day bill, GHS823.28 million was accepted from the GHS1.16 billion tendered. Meanwhile, the 364-day bill saw GHS343.49 million accepted out of the GHS774.65 million that was tendered. Despite some bids quoting rates as high as 25%, the Bank of Ghana managed to allot securities at notably lower rates, ensuring moderate interest rates.
The weighted average discount rate for the 91-day bill stood at 10.04%, with an interest rate of 10.29%. The 182-day bill recorded a discount rate of 11.64% and an interest rate of 12.36%, while the 364-day bill had a discount rate of 11.70% with an interest rate of 13.25%. The full allotment bid ranges were also relatively narrow, indicating a stable interest environment. The bid-to-cover ratio was 1.76, reflecting sustained investor confidence and favorable borrowing conditions for the government in a high-liquidity market.
In a previous auction, Tender 1965 held on July 25, tenders reached GHS28.1 billion, with GHS15.16 billion accepted, demonstrating a consistent appetite for government securities. The Bank of Ghana has set a target of GHS8.59 billion for the upcoming Tender 1967, more than double the previous auction's target, indicating ongoing strong demand and investor interest in government securities.
