The government will borrow GH¢6.14 billion on the treasury market on Friday, March 21, 2025.
This will be done through the issuance of the 91-day, 182-day, and 364-day bills to cover GH¢5.90 billion in maturing bills.
However, this will be lower than GH¢8.77 billion raised on Monday March 17, 2025.
Analysts expect yields to remain on a downward path but a slowdown in compression to the 100–200 basis points range.
This suggests a new yield equilibrium is approaching as supply and demand stabilise.
The consistent decline in bids also reaffirms analysts’ view of a gradual yield floor forming.
While the Monetary Policy Rate operates independently of Treasury bill rates, Databank Research believes an expected moderate cut by month-end could reinforce this trend, supporting broader efforts to lower borrowing costs for both the sovereign and the wider economy.
Despite an oversubscription of GH¢514 million, last week’s treasury auction saw total bids decline by 10.12% week-on-week to GH¢9.2 billion.
Out of this, GH¢8.77 billion was accepted, exceeding the GH¢8.26 billion target.
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