- Treasury rejects GHS5bn in October bids despite strong overall subscriptions.
- Falling yields benefit government but raise reinvestment and refinancing risks.
ACCRA, GHANA – Ghana’s Treasury bill bids plunged 40% in October’s final auction, yet investors still offered more money than the government sought to borrow.
Investors submitted GHS2.55bn against a GHS2.45bn target, representing 4% oversubscription, according to Bank of Ghana data. However, the Treasury accepted only GHS1.92bn, or 78% of its target, highlighting its increasingly selective borrowing strategy.
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