Investor Confidence in T-Bills Surges as Government Exceeds Target

Accra, February 24, 2025

Momentum on Ghana’s money market continues to build as investor demand for Treasury bills (T-bills) remains strong. The latest auction results from the Bank of Ghana (BoG) indicate that the government has once again exceeded its target, raising GHS 9.6 billion, surpassing the initial target of GHS 7.73 billion by 165%.

• 91-day T-Bill: Bids totaled GHS 7.38 billion, with GHS 4.23 billion accepted.
• 182-day T-Bill: Investors bid GHS 5 billion, but only GHS 1.43 billion was accepted.
• 364-day T-Bill: Total bids reached GHS 8.11 billion, of which GHS 3.96 billion was accepted.

Despite strong demand, the government rejected over GHS 10 billion in bids.

While demand for short-term government securities remained robust, interest rates declined across all T-bill maturities:

• 91-day T-Bill: Dropped to 24.47% from 26.85%.
• 182-day T-Bill: Fell to 25.38% from 27.80%.
• 364-day T-Bill: Declined to 27.29% from 29.07%.

The government plans to raise an additional GHS 6.49 billion in its next auction on Friday, February 28, 2025. The continued high demand for T-bills suggests investor confidence in Ghana’s short-term debt market, despite falling interest rates.