The government is set to borrow GH¢6.14 billion from the treasury market on Friday, March 21, 2025, through the issuance of the 91-day, 182-day, and 364-day bills to cover GH¢5.90 billion in maturing bills.
This amount is lower than the GH¢8.77 billion raised on Monday, March 17, 2025.
Analysts anticipate that yields will continue their downward trajectory, though the rate of decline is expected to slow to a range of 100–200 basis points. This indicates a new yield equilibrium as supply and demand stabilize.
The persistent decline in bids further supports analysts’ projections of a gradual yield floor forming.
Although the Monetary Policy Rate operates independently of Treasury bill rates, Databank Research suggests that an expected moderate rate cut by the end of the month could reinforce this trend, aiding broader efforts to reduce borrowing costs for both the government and the economy.
Despite an oversubscription of GH¢514 million, last week’s treasury auction recorded a 10.12% week-on-week decline in total bids, amounting to GH¢9.2 billion. Of this, GH¢8.77 billion was accepted, surpassing the GH¢8.26 billion target.
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