The government plans to borrow GH¢5.43 billion from its treasury bills auction today, July 18, 2025.

It 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 an undersubscription of 39.68%.

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 bids totalling GH¢3.63 billion, 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%.

However, 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.

SSD/MA

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