T-bills auction: Government to borrow GH¢8.26bn today March 14, 2025

The government plans to borrow GH¢8.26 billion via treasury bills on March 14, 2025, to cover GH¢7.91 billion in maturing bills.

Borrowing costs have been declining, with yields dropping to nearly 16% last week. However, investor bids have reduced as some shift to shorter-term instruments for better returns.

The Bank of Ghana’s 56-day bill saw a 65.81% increase week-on-week, reinforcing expectations of a near-term yield floor. Analysts predict yields may continue to decline despite inflation concerns, depending on the MPC’s upcoming policy rate decision.

Last week saw one of the sharpest yield drops, with investor bids down 43.5% to GH¢10.31 billion. Treasury yields fell significantly: 91-day at 17.71%, 182-day at 18.97%, and 364-day at 19.98%.