In recent months, the Ghanaian government has experienced strong demand for its Treasury bills (T-bills), consistently surpassing issuance targets. For instance, in October 2024, the government mobilized GHS 4.6 billion through T-bill issuance, slightly exceeding the target of GHS 4.5 billion—a marginal oversubscription of 1.07%. This marked a rebound after three consecutive weeks of missing targets. Investor interest was particularly strong in the 91-day bills, with GHS 3.8 billion tendered. Yields during this period averaged between 25% and 28%, with the 91-day bill yield increasing to 25.62%.
Similarly, in June 2024, the government secured GHS 5.3 billion from T-bill auctions, surpassing the target of GHS 4.4 billion by 19%. The majority of bids were for the 91-day T-bills, with all GHS 3.4 billion tendered being accepted. Yields remained relatively stable, ranging between 25% and 27%.
This consistent oversubscription indicates robust investor confidence in government debt instruments, reflecting a preference for short-term securities amid prevailing economic conditions. The government’s ability to exceed its T-bill issuance targets suggests effective debt management strategies and sustained demand for these instruments in the financial market.