Treasury Bill Auction: Government to Raise GH¢3.36bn on July 3, 2025
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Treasury Bill Auction: Government to Raise GH¢3.36bn on July 3, 2025
The administration plans to raise GH¢3.36 billion on the treasury market today, Thursday, July 3, 2025, through the sale of 91-day, 182-day, and 364-day treasury bills. The funds will be allocated to cover maturing obligations totaling GH¢2.24 billion.
Last week’s primary treasury auction fell short of its goal for the fifth consecutive week, with submitted bids reaching GH¢3.64 billion against a set target of GH¢3.38 billion. Accepted amounts totaled GH¢3.34 billion, insufficient to meet the GH¢3.72 billion needed to address expiring debts.
Interest rates remained steady for the 91-day and 182-day bills at 14.69% and 15.25%, respectively, while the 364-day rate dipped by 3.0 basis points to 15.66% compared to the previous week. Databank Research noted, “We observed a tight match between offers and bids for the 91-day bill last week, with the highest accepted bid rising 17 basis points to 15.10%. This suggests investors favor the 91-day option over the 182-day, likely due to a slight yield concession for added short-term security, especially as the yield gap has shrunk below 100 basis points.”
With declining demand and a slowing reduction in yields, experts anticipate continued focus on the 91-day bill in the coming weeks, driven by hopes of lower inflation and anticipated bond market activity.
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