The latest government auction held on April 11, 2025, saw strong investor participation particularly in the short end of the yield curve, as the treasury raised GH¢6.744 billion across 91, 182, and 364-day bills.
This came against a target of GH¢6.67 billion, marking a slight oversubscription driven by robust interest in the 91-day instrument.
According to official results released by the Bank of Ghana, the government accepted:
– GH¢5.68 billion in 91-day bills out of GH¢5.80 billion tendered,
– GH¢908.44 million in 182-day bills—fully allotted,
– GH¢157.94 million in 364-day bills—also fully allotted.
Yields across the instruments continued to climb, reflecting heightened risk sentiment and tighter liquidity conditions in the market.
The weighted average discount rates came in as follows:
– 91-day bill: 14.8780% (up from 14.4578%)
– 182-day bill: 14.9989% (slightly higher than the prior week)
– 364-day bill: 15.7190%
Meanwhile, the Bank of Ghana’s monetary stance and the country’s fiscal discipline under the IMF programme will be crucial in influencing rate expectations in the coming weeks.
