Investor appetite for Ghana’s Treasury bills remained strong at the latest primary market auction, with total bids exceeding the government’s target by 51.6%.

Data from the Bank of Ghana showed that investors submitted GH¢9.94 billion in bids across the 91-day, 182-day and 364-day Treasury bills, compared with the government’s target of GH¢6.55 billion.

The strong demand resulted in an oversubscription of about GH¢3.38 billion above the targeted amount.

The government accepted GH¢8.38 billion of the bids, representing approximately GH¢1.83 billion more than its initial target.

The 91-day Treasury bill attracted the highest level of investor interest, accounting for nearly two-thirds of the total bids received across the 3 tenors.

Investors tendered GH¢6.23 billion for the 91-day bill, of which the government accepted GH¢5.84 billion.

The 182-day bill received bids totalling GH¢1.92 billion, with GH¢1.59 billion accepted.

For the 364-day bill, investors submitted GH¢1.80 billion in bids, while the government accepted GH¢952.77 million.

Yields across the Treasury bill curve continued to decline, reflecting strong liquidity in the market and sustained investor demand for government securities.

The yield on the 91-day bill declined by 14 basis points to 4.80%, from 4.94% at the previous auction.

Similarly, the yield on the 182-day bill fell by 17 basis points to 6.68%, compared with 6.85% previously.

The 364-day bill recorded the largest decline, with its yield dropping by 66 basis points to 10.11%, from 10.77%.

For the next auction, the government is targeting GH¢7.97 billion through the issuance of 91-day, 182-day and 364-day Treasury bills.