The government aims to raise GH¢5.54 billion in its treasury bills auction on May 23, 2025

The government aims to raise GH¢5.54 billion in its treasury bills auction today, May 23, 2025.

This target is GH¢1.14 billion lower than the previous week's.

In its last treasury auction, the government rejected more than GH¢2.59 billion in bids, despite falling short of its GH¢6.68 billion target, deepening concerns over waning investor appetite for domestic debt.

Total bids submitted for the short-term instruments amounted to GH¢5.35 billion, falling GH¢1.33 billion short of the auction target. This marked the third consecutive week of undersubscription.

The auction was heavily skewed toward the 91-day treasury bill, which received GH¢4.36 billion in bids. However, only GH¢2.09 billion was accepted.

Investor demand for the 182-day and 364-day tenors also remained weak, with the government accepting GH¢513 million and GH¢154 million, respectively, out of the GH¢731 million and GH¢270 million tendered.

Yields on all three tenors eased modestly, reflecting recent monetary policy trends.

The 91-day bill declined by six basis points to 15.10%, the 182-day slipped to 15.68%, and the 364-day bill dropped to 16.78%.

SSD/MA