The government’s about to dip back into the treasury market, aiming to borrow a chunky GH¢3.36 billion today—July 3, 2025, if you’re keeping score. They’re rolling out the usual suspects: 91-day, 182-day, and 364-day Treasury bills. Not exactly a plot twist, but hey, bills gotta get paid. In fact, most of the cash (GH¢2.24 billion worth) is just gonna spin right around to pay off old, maturing bills. Classic debt shuffle.
Now, last week? Bit of a mess. They missed their target for the fifth week in a row. People put in bids worth GH¢3.64 billion, which sounds decent, but they only took up GH¢3.34 billion—less than the GH¢3.72 billion needed to cover the old debt. So, yeah, not ideal.
Yields didn’t really budge much: 91-day bills sat at 14.69%, 182-day ticked up to 15.25%, and the 364-day slipped a smidge to 15.66%. Nothing to write home about, honestly.
According to Databank Research, there’s a weird kind of dance going on. Investors are all over the 91-day bills—bids nudged the allotment up to 15.10%. Clearly, people want short-term safety and flexibility over locking in for longer, especially since the gap between short and long-term yields is now less than 100 basis points. Makes sense, right? In a shaky market, who wants to tie up their cash?
Bottom line: demand’s cooling off, yields aren’t moving much, but everyone’s still eyeing those 91-day bills. As long as inflation keeps dropping and there’s talk of the bond market reopening, don’t be surprised if the short-term stuff stays in the spotlight. Investors like to keep their options open—can’t really blame ‘em.