The government secured GH¢4.53 billion from its most recent Treasury bills auction held on July 11, 2025, falling short of its GH¢7.52 billion target by nearly GH¢3 billion.

Demand for Treasury bills remained weak during the second week of July, with the auction recording a 39.68% undersubscription.

According to data released by the Bank of Ghana, investors tendered a total of GH¢6.12 billion across the 91-day, 182-day, and 364-day instruments.

Of this amount, the government accepted GH¢4.53 billion.

The 91-day bill, which attracted GH¢3.63 billion in bids, cleared at a weighted average interest rate of 14.65%.

The 182-day bill raised GH¢804 million at a rate of 15.02%, while the 364-day instrument attracted more subdued demand, raising GH¢100 million at a yield of 15.41%.

With the next auction expected to raise GH¢5.43 billion, market participants are closely watching for signs of fatigue in the T-bills market, particularly as fiscal consolidation efforts and monetary policy tightening continue to reshape investor appetite.

SP/MA

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