Treasury bill yields posted a mixed performance at the government’s latest auction held on August 22, 2025 (Tender 1969). The 91-day bill rose to 10.42 percent from 10.14 percent the previous week, while the 182-day bill inched up to 12.39 percent from 12.23 percent. In contrast, the 364-day bill edged down to 13.00 percent from 13.09 percent.

The government sought to raise GH¢6.43 billion and attracted bids of GH¢5.82 billion, accepting GH¢5.75 billion. That translated into about 90 percent of the target, a clear improvement from the previous auction, which covered just 64 percent of its issuance goal.

As in recent weeks, demand was skewed toward the short end. The 91-day bill accounted for about 70 percent of all sales (GH¢4.03 billion), while the 182-day took roughly 23 percent (GH¢1.33 billion) and the 364-day just 7 percent (GH¢398 million).

Investor appetite continues to be shaped by competition from the Bank of Ghana’s 56-day bills, which remain priced close to the 25 percent Monetary Policy Rate, drawing liquidity away from government securities. Even so, improving macroeconomic conditions including fiscal restraint, a relatively stable cedi, and inflation at 12.1 percent in July, are helping to sustain participation in treasury auctions.

The next issuance, Tender 1970, is scheduled for August 29 with a target of GH¢6.72 billion across all maturities.