Accra:The government raised GHS3.39 billion in its latest Treasury bill auction, reflecting a stronger demand from investors than initially anticipated. Despite receiving offers totaling GHS4.27 billion, the government chose to reject approximately GHS874 million in bids.
According to Ghana Web, the amount accepted by the government exceeded its target by about 18%, as it initially aimed to raise GHS2.87 billion. Investors showed the highest interest in the 91-day bill, offering GHS2.86 billion, of which the government accepted GHS2.55 billion. This was accompanied by a slight dip in the interest rate to 4.61% from 4.62% the previous week.
For the 182-day bill, the government accepted GHS420.66 million out of the GHS533.28 million offered, with the interest rate decreasing to 6.27% from 6.31%. Meanwhile, for the 364-day bill, GHS420.24 million was accepted from the GHS873.69 million offered, with the interest rate rising to 9.75% from 9.71%, providing investors a higher return for a year-long commitment.
The adjustments in interest rates indicate a lower cost for the government in borrowing through the shorter-term 91-day and 182-day bills, while the increased rate for the 364-day bill reflects a higher borrowing cost for that period. This auction follows the government's announcement to raise GHS15.3 billion through Treasury bills in the final quarter of 2026.