The latest treasury auction recorded a marginal oversubscription, marking the first time in three weeks the government met its target.
This follows the IMF’s staff-level agreement on the third review of Ghana’s Economic Facility Programme, which came after the successful restructuring of Eurobonds.
At the close of the auction, the government surpassed its 4.565 billion cedis target by just over 1 percent. All bids were accepted, with the majority coming from the 91-day bill, bringing in about 3.88 billion cedis, which accounted for 84 percent of the total bids.
For the 182-day bill, about 500.68 million cedis were submitted, while the one-year bill saw bids totaling 225.96 million cedis.
Interest rates, however, continued their upward trend, with marginal increases on the yield curve.
The 91-day bill rate rose by 16 basis points to 25.61 percent, while the 182-day bill increased slightly to 26.90 percent, up from 26.8 percent. The interest rate on the 364-day bill, however, fell by 7 basis points to 28.58 percent.
Looking ahead, the government aims to raise 4.03 billion cedis in its next Treasury Bill auction, focusing on 91-day, 182-day, and 364-day maturities, as part of its strategy to address market conditions and secure short-term funding.