BTA2023 Bank of Ghana Treasury Bills Auction Results: Demand Surpasses Accepted Bids Amid Rising Interest Rates
The Bank of Ghana has released the results of its latest treasury bills auction, revealing strong demand for government securities, though not all bids were accepted.
The auction, held on February 21, 2025, saw a total of GH¢20.50 billion tendered, but only GH¢9.63 billion was accepted, indicating a selective approach by the central bank.
Key Auction Results
| Treasury Bill | Amount Tendered (GH¢) | Amount Accepted (GH¢) | Interest Rate (%) |
|---|---|---|---|
| 91-Day | 7.39 billion | 4.23 billion | 23.07 – 25.19 |
| 182-Day | 5.00 billion | 1.43 billion | 25.24 – 25.50 |
| 364-Day | 8.11 billion | 3.97 billion | 27.30 |
Despite the strong demand, the government exercised restraint in accepting bids, likely to manage debt servicing costs amid rising yields. The rejection of a significant portion of the bids suggests a cautious stance on the prevailing interest rate levels.
Looking ahead, the government has set a target of GH¢6.49 billion for the next auction (Tender 1944), reflecting a continued reliance on treasury instruments to finance fiscal operations.
