The government intends to borrow GH¢4.39 billion in its next treasury bill auction on April 4, 2025.

Ghana’s auction of short-term debt instruments recorded a second consecutive undersubscription last week, with bids falling short by 27.16%, equivalent to GH¢1.53 billion. This underscores cautious investor sentiment in the fixed-income market.

On March 28, 2025, the auction attracted total bids worth GH¢4.70 billion against a target of GH¢5.64 billion.

Out of this, GH¢4.11 billion was accepted, reflecting a measured approach to debt issuance amid changing market dynamics.

The 91-day bill saw the highest demand, attracting GH¢3.50 billion in bids, of which GH¢3.02 billion was accepted.

The 182-day and 364-day bills recorded bids of GH¢582 million and GH¢619 million, with the government accepting GH¢582 million and GH¢500 million, respectively.

Yields on the 91-day bill declined by 2 basis points to 15.71%, while the 364-day instrument held steady at 18.84%.

The yield on the 182-day bill remained unchanged from the previous auction at 16.73%.

The undersubscription signals growing investor caution in the fixed-income market.

SSD/MA

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