The Government of Ghana raised a total of GH¢15.16 billion in its latest Treasury bill auction held on July 25, 2025, as investor demand continued to outpace official targets despite declining yields across all tenors.

The auction, conducted by the Bank of Ghana under Tender No. 1965, attracted bids worth GH¢28.1 billion, nearly four times the official target of GH¢7.7 billion, resulting in an oversubscription of 96%.

However, the government accepted just over half of the total bids, allotting GH¢15.16 billion across the 91-day, 182-day, and 364-day maturities.

A breakdown of the results showed that GH¢5.07 billion was accepted out of GH¢13.43 billion tendered for the 91-day bill.

For the 182-day bill, GH¢5.72 billion was accepted from GH¢8.71 billion in bids, while the 364-day bill saw GH¢4.35 billion accepted from a total of GH¢5.94 billion tendered.

Yields across all three instruments declined:

• The 91-day yield fell by 289 basis points to 10.83%.

• The 182-day yield dropped to 13.22% from 14.61%.

• The 364-day yield declined to 14.30%.

The government is targeting to raise GH¢3.86 billion in the next auction.

SP/MA

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