Ghana’s government has ended its streak of undersubscriptions in weekly treasury bill auctions, which had persisted since the first week of July 2024. In last Friday’s tender 1920, the government successfully sold GH¢ 5.530 billion in bills, surpassing its target of GH¢ 5.4 billion.

The result represents a modest 2.4% oversubscription and is a welcome change after nine consecutive weeks of undersubscription.

For auction 1920, the government accepted all bids, including GH¢ 4.690 billion in 91-day bills, GH¢ 594.37 million in 182-day bills, and GH¢ 245.74 million in 364-day bills.

Despite a fifth consecutive drop in inflation, with the Ghana Statistical Service reporting an August rate of 20.4%, the government had to borrow at higher average rates. The 91-day, 182-day, and 364-day bills were issued at average yields of 24.9164%, 26.8012%, and 28.0736%, respectively—slightly higher than the 24.9013%, 26.7899%, and 27.9258% from auction 1919 the previous week.

The government will be hoping for continued success as it aims to raise GH¢ 5.881 billion in this Friday’s auction.