The government has recorded an oversubscription in its short-term debt instrument sale for the second consecutive week.

According to the latest auction results from the Bank of Ghana, the government exceeded its target by GHS 2.8 billion. In its second auction for 2025, the government raised GHS 8 billion through Treasury bill issuance, surpassing the target of GHS 5.1 billion, representing a 55.3% increase in investor demand.

Investor appetite was strongest for the 91-day Treasury bill, which accounted for GHS 5.5 billion of the total bids tendered. The 182-day bill attracted GHS 1.4 billion in bids, while the 364-day bill saw GHS 1.1 billion.

Yields across all tenors continued their upward trajectory, with interest rates averaging between 28% and 30%. The 91-day bill yield rose by 14 basis points to 28.33%, the 182-day bill increased by 5 basis points to 28.96%, and the 364-day bill climbed by 2 basis points to 30.17%.

Market analysts attribute the strong demand for T-bills to renewed investor confidence and positioning to capitalize on current high yields amid expectations of lower rates in the future.

The Treasury aims to raise GHS 6.3 billion in the next auction, continuing its strategy to meet funding needs while leveraging robust investor interest.