The treasury bill auction of July 3, 2025 saw a total of GH¢2.97 billion bid across the 91-day, 182-day and 364-day tenors with all bids accepted at interest rates of 14.5669%, 15.0192% and 15.1679% respectively. The government’s target of GH¢3.36 billion was missed by 11.6%.

Despite the missed target, the government is confident that the demand for treasury bills will increase as inflation figures of 13.7% make the returns on treasuries look much more attractive. The next auction on July 11 is therefore scheduled to raise GH¢7.53 billion.

Treasury bill rates have collapsed from about 28% at the beginning of the year on the back of a tighter fiscal policy, the strong appreciation of the Ghana cedi and consistent disinflation. The lower cost of borrowing for the government is expected to make their fiscal deficit targets more attainable.