Ghana to Borrow GH¢5.55 Billion through T-Bills Auction
Story By: Akua Oteng Amponsah
The government is set to borrow GH¢5.55 billion on May 23, 2025, through a treasury bill auction. The funds will be raised through the issuance of 91-day, 182-day, and 364-day bills, with the aim of settling maturing bills worth GH¢5.35 billion.
In recent times, demand for short-term instruments has declined, with the government missing its target for the third consecutive week. Last week’s auction saw investors submit bids worth GH¢5.35 billion, but the Treasury accepted only GH¢2.76 billion, falling short of the GH¢6.68 billion target.
According to Databank Research, the Treasury’s selective acceptance of bids may be an effort to contain upward yield pressure despite tightening liquidity. The research firm expects the Monetary Policy Committee to maintain the Monetary Policy Rate at 28% in its upcoming decision.
Analysts anticipate modest auction uptake and continued yield compression in the near term. Yields on the 91-day, 182-day, and 364-day bills have dipped week-on-week, and the segment-specific yield curve inversion between the 56-day and 364-day bills is likely to persist.
