The Treasury bill auction held on October 17, 2025, saw a notable decline in investor participation compared to the strong showing a week earlier. The auction saw total bids worth GH¢2.93 billion against a target of GH¢6.58 billion, representing an undersubscription of roughly 55%. Of this, GH¢2.89 billion was accepted.

Interest rates ticked up slightly across most maturities after several weeks of mild easing. The 91-day bill cleared at a weighted average interest rate of 10.70%, the 182-day bill at 12.44%, and the 364-day bill at 12.92%. In the previous auction held on October 10, 2025, the corresponding rates were 10.53%, 12.31%, and 12.87% respectively. The small upward movement in yields suggests tightening liquidity conditions in the market even as inflation continues to moderate.

The next auction is scheduled for October 24, 2025, with a higher target of GH¢6.82 billion. Analysts expect activity to stabilize in the coming weeks as the government continues to roll over maturing bills and investors respond to changing rate expectations.