The government is expected to raise GH¢3.78 billion in its treasury bill auction on September 5, 2025.

This follows a 50% undersubscription in the previous auction, reflecting weakened investor appetite for short-term bills despite reduced interest rates.

The government had targeted GH¢6.72 billion but secured only GH¢3.39 billion. Although total bids amounted to GH¢3.5 billion across the 91-day, 182-day, and 364-day maturities, the final uptake remained subdued.

T-bills undersubscribed by 50%

For the 91-day bill, GH¢2.01 billion was accepted out of GH¢2.05 billion tendered. The 182-day bill recorded GH¢1.12 billion accepted from GH¢1.14 billion submitted, while the 364-day bill saw GH¢194 million taken out of GH¢321 million in bids.

Yields on all three maturities edged down slightly: the 91-day slipped to 10.32% from 10.41%, the 182-day dipped to 12.37% from 12.38%, and the 364-day eased to 12.99% from 13.00%.

While some analysts point to competition from other attractive instruments as a factor behind the weak demand, the persistent undersubscriptions highlight deeper concerns about investor confidence.

SSD/MA

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