However, it rejected GH¢8.265 billion in excess bids, surpassing its target of GH¢8.068 billion.
According to auction results from February 14, 2025, the 91-day and 364-day bills attracted the highest bids.
The government ultimately accepted GH¢9.434 billion across 91-day, 182-day, and 364-day bills combined.
Despite strong investor confidence, interest rates declined slightly in the February 17, 2025, auction with 91-day bill pegged at 26.85% (down from 27.98%); 182-day bill going for 27.80% (down from 28.68%) and the 364-day bill going for 29.07%.
While treasury bills remain the government’s primary borrowing tool, analysts suggest the rejection of excess bids signals a cautious approach to borrowing or an effort to manage rising interest rates.
However, with rates still above inflation, repayment costs may pose a challenge for government.
For now, the government continues to rely on short-term securities until it regains access to international capital markets.
Source: www.ghanaweb.com
