Investor confidence in Ghana’s short-term debt market surged this week, with treasury bills recording a 38.14% oversubscription in the latest auction.

According to latest data from the Bank of Ghana, investors submitted a total of GH¢8.01 billion in bids across the 91-day, 182-day, and 364-day bills – far exceeding the government’s GH¢5.80 billion target.

Ultimately, the Treasury accepted GH¢6.95 billion, signalling continued strong appetite for risk-free government securities amid shifting market conditions.

The 91-day bill once again led demand, attracting GH¢4.90 billion in tenders, of which GH¢4.09 billion was accepted.

The 182-day bill followed with GH¢2.09 billion in bids and GH¢1.85 billion accepted.

The 364-day bill maintained its steady performance, pulling in GH¢1.01 billion, out of which GH¢1.00 billion was taken up.

On the yield curve, short-term rates showed mixed movements. The 91-day bill edged up by 3 basis points to 11.08%, reflecting slight tightening in liquidity conditions.

The 182-day bill also climbed sharply to 12.55% from 12.43% the previous week. In contrast, the 364-day bill saw its yield moderate to 12.70%, down from 13.08%, suggesting a softening of investor expectations on the longer end of the T-bill spectrum.

With momentum still strong, the Treasury is now targeting GH¢6.94 billion in its next auction across the three maturities.