In 2025, Ghana’s government experienced its first Treasury bill undersubscription, falling GH₵2.8 billion short of its goal.
Data from the Bank of Ghana (BoG) indicates that although the government aimed to raise GH₵6.14 billion, it only received bids worth GH₵3.32 billion, a 45 percent undersubscription. This shortage has sparked worries about investor sentiment.
The sum raised was further constrained, nevertheless, by the government’s decision to reject GH₵1.67 billion of the offers.
According to the most recent auction results, just GH₵2.33 billion of the GH₵3.63 billion that was offered for the 91-day Treasury bill was accepted. In contrast to the 364-day bill, which had GH₵622 million tendered but only GH₵406 million secured, the 182-day bill had GH₵741 million in bids, of which GH₵574 million were accepted.
Despite indications of investor nervousness, interest rates on Treasury bills stayed mostly unchanged. The 182-day bill remained steady at 16.93 percent, but the 91-day bill fell 15 basis points to 15.73 percent. However, the 364-day bill rose 87 basis points to 18.85%, indicating that investors are requesting greater returns for longer-term obligations.
All eyes will be on the reaction of investors as the next auction is scheduled at GH₵5.64 billion. It is unclear whether the government would change course or continue with its current plan, but the most recent findings point to a possible change in the dynamics of Ghana’s debt market.
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