Ghana treasury bill yields tumble as investor demand surges 246%

• Treasury bills oversubscribed by 246% as liquidity floods market
• Short-term yields slide sharply across all tenors

ACCRA, GHANA – Yields on Ghana’s short-term government debt fell sharply in early February as excess liquidity drove aggressive investor demand at the Treasury’s first auction of the month.

Official central bank data released on Monday showed total bids at the auction surged to GHS17.24 billion ($1.5bn), far exceeding the government’s target of GHS4.98 billion ($452mn) and resulting in a 246% oversubscription.