Accra: The Government of Ghana slightly missed its target in the latest treasury bill auction, securing GHS5.2 billion against a target of GHS5.38 billion, representing an undersubscription of approximately 3.15 percent. The auction, conducted on Friday, May 9, 2025, saw the government accepting all bids across the 91-day, 182-day, and 364-day tenors, indicating continued investor interest despite a trend of declining interest rates.

According to Ghana News Agency, figures released by the Bank of Ghana on Monday reveal that the 91-day bill remained the most attractive to investors, with total bids amounting to 3.8 billion Ghana Cedis. The 182-day bill garnered bids worth GHS747.06 million, while the longer-term 364-day bill received bids totaling GHS611.14 million.

Interest rates across all tenors witnessed a further decline. The yield on the 91-day bill decreased to 15.16 percent from the previous week’s 15.23 percent. The rate for the 182-day bill fell to 15.70 percent from 15.77 percent, and the 364-day bill saw a drop to 16.80 percent from 16.95 percent.

The government has set a higher target of GHS6.68 billion for the next treasury bill auction, indicating a continued reliance on short-term debt instruments to meet its financing needs.