Government to raise GH₵3.36 billion at T-bill auction today

The Treasury will seek to borrow GH₵3.36 billion in today’s Treasury bill auction, the Bank of Ghana announced. The sale includes three tenors:

91-day bills: GH₵1.80 billion
182-day bills: GH₵1.20 billion
364-day bills: GH₵360 million

Investors will submit bids at varying yields, with the central bank indicating that accepted bids will range within recent market levels—reflecting current policy settings and liquidity conditions.

In the previous auction on June 19, the government raised GH₵2.04 billion against a GH₵3.60 billion target, a 43.3% subscription rate. Yields then averaged 15.65% on the 91-day paper, 16.50% on the 182-day, and 18.83% on the 364-day tenor.

With today’s larger target, market participants will watch bid-to-cover ratios closely. A strong response could signal improved liquidity and confidence in the government’s debt-issuance strategy, while weaker demand might reflect tightened cash buffers among primary dealers.

The auction comes just days after the government disbursed US$300 million to service a Eurobond maturity, underscoring ongoing funding needs for both domestic and external obligations.

Successful subscription at competitive yields will help the Treasury roll over maturing debt and manage budget financing costs in line with broader monetary and fiscal objectives.

Investors are reminded that successful bids will be settled on Wednesday, July 9, and proceeds will be included in the Bank of Ghana’s liquid assets for government use.

By: Patrick Teye