T-Bills Auction: Gov’t Rejects GHS 2.36 Billion in Bids as Undersubscription Continues

The Government rejected bids to the tune of GHS 2.36 billion out of the GHS 4.05 billion bids tendered for the 91-day, 182-day and 364-day bills auctioned last Friday, April 4, 2025.

Total tendered bids fell short of the Government’s target of GHS 4.39 billion by some GHS 334 million.

The Government, out of the total bids tendered however, decided to accept some GHS 1.69bn rejecting bids to the tune of GHS 2.36bn.

The 91-day bill saw the highest demand, attracting GHS 3.38 billion in bids, of which GHS 1.44 billion was accepted.

The 182-day and 364-day bills recorded bids of GHS 501 million and GHS 176 million, with the government accepting GHS 81 million and GHS 161 million, respectively.

Yields on the 91-day bill declined by 7 basis points to 15.64%, the yield on the 182-day bill recorded the highest decline of 23 basis points to 16.50% and the 364-day instrument declined by 1 basis point to 18.83%.

The results come as the government prepares to raise an additional GHS 6.67 billion at its next short-term debt sale scheduled for April 11, 2025.

The rejection of a significant portion of the bids suggests Government remains cautious about borrowing costs despite ongoing financing needs.

Source: norvanreports.com