The government is set to borrow GH¢3.36 billion from the treasury market today, July 3, 2025, through the issuance of 91-day, 182-day, and 364-day Treasury bills.
The funds raised will be used to settle maturing bills totaling GH¢2.24 billion.
Last week’s Treasury auction fell short of its target for the fifth consecutive week, recording total bids of GH¢3.64 billion against a target of GH¢3.38 billion. Actual uptake stood at GH¢3.34 billion—below the GH¢3.72 billion required to refinance maturing obligations.
Yields remained broadly stable, with the 91-day and 182-day bills recording 14.69% and 15.25%, respectively. The 364-day yield dropped slightly by 3 basis points to 15.66% on a week-on-week basis.
“Last week we noticed strong alignment between offers and bids for the 91-day bill, with the upper bound of bids allotted edging up 17 basis points to 15.10%. We believe this signals investors’ strong and sustained preference for the 91-day bill over the 182-day bill,” Databank Research noted.
“In our view, investors are willing to accept a marginal yield trade-off in exchange for shorter-term safety and flexibility, especially amid a narrowed yield spread now below 100 basis points,” the firm added.
With demand tapering and yield compression slowing, analysts expect continued interest in the 91-day bill in the near term, as disinflation prospects and potential bond market reopening continue to shape investor sentiment.
Source: Joy Business
