The government has achieved another oversubscription in its latest short-term debt issuance, reflecting strong investor confidence.

According to the Bank of Ghana’s auction results, the government mobilized GHS 5.4 billion from its recent Treasury bill issuance, exceeding its target of GHS 4.3 billion by GHS 1.04 billion, representing a 25.58% oversubscription.

Investor interest was highest in the 91-day Treasury bill, which accounted for GHS 3.5 billion in bids. The government also accepted GHS 604 million from the 182-day bill and GHS 1.2 billion from the 364-day bill.

Yields across all tenors remain high, with rates averaging between 28% and 30%. The 91-day bill’s yield increased by 15 basis points to 28.19%, while the 182-day bill rose by 23 basis points to 28.91%. The 364-day bill recorded a yield of 30.15%, up by 8 basis points.

Analysts note a growing appetite for long-term instruments, as evidenced by the GHS 1.2 billion attracted by the 364-day bill. This shift signals renewed investor confidence in the market and a willingness to engage in longer-term commitments.

Looking ahead, the government aims to raise GHS 5.1 billion in the next Treasury bill auction.