T-bill shortfall hits seven weeks as interest rates go up
The Government of Ghana has once again failed to meet its treasury bill target marking the seventh consecutive shortfall in weekly auctions.
Data from the Bank of Ghana as of Friday July 11 2025 revealed that the government raised GHS6.12 billion falling short of its GHS7.525 billion target by 22.82 percent.
The 91 day bill remained the most attractive to investors drawing GHS3.71 billion in bids which accounted for 60.56 percent of total subscriptions. Of this GHS3.633 billion was accepted.
The 182 day bill recorded GHS814.85 million in bids with the treasury accepting GH¢804 million.
However investor appetite for the 364 day bill was weak with only GHS100.99 million accepted out of GHS1.60 billion worth of bids tendered. Analysts suggest this cautious approach to the longer term bill may be due to uncertainties surrounding fiscal policy and inflation outlook.
Meanwhile interest rates have begun to rise after months of stability. The 91 day bill rose by 9 basis points to 14.65 percent while the 182 day bill inched up to 15.02 percent from 15.01 percent the previous week. The 364 day bill saw the sharpest increase up 25 basis points to 15.41 percent.
The rising interest rates reflect growing investor demand for higher returns amid persistent concerns over the government’s short term financing needs.
Market watchers are now observing whether the government will adjust its borrowing strategy to regain investor confidence and ease pressure on interest rates.
