The Bank of Ghana has released the results of its latest treasury bills auction, showing strong demand for government securities, though not all bids were accepted.
The auction, held on February 21, 2025, saw a total of GH¢20.50 billion tendered, but only GH¢9.63 billion was accepted, indicating a selective approach by the central bank.
Key auction results
- 91-Day T-Bill: GH¢4.23 billion accepted out of GH¢7.39 billion tendered, with interest rates ranging from 23.07% to 25.19%.
- 182-Day T-Bill: GH¢1.43 billion accepted out of GH¢5.00 billion tendered, at rates between 25.24% and 25.50%.
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- 364-Day T-Bill: GH¢3.97 billion accepted out of GH¢8.11 billion tendered, at a higher rate of 27.30%.
Despite the strong demand, the government exercised restraint in accepting bids, possibly to manage debt servicing costs amid rising yields. The rejection of a significant portion of the bids suggests a cautious stance on the prevailing interest rate levels.
The government has set a target of GH¢6.49 billion for the next auction (Tender 1944), indicating continued reliance on treasury instruments to finance fiscal operations.