The Government of Ghana has recorded strong investor demand for its Treasury bills, with the latest auction attracting bids equivalent to about 162% of the amount targeted.

According to auction results published by the Bank of Ghana, investors tendered more than GH¢14 billion across the 91-day, 182-day and 364-day Treasury bills, reflecting continued appetite for government securities.

The 364-day Treasury bill emerged as the most heavily subscribed instrument, with investors tendering approximately GH¢9.9 billion in bids. The amount represented about 183% of the bids targeted for the instrument.

Despite the strong demand, the government accepted approximately GH¢2.6 billion of the bids submitted for the one-year bill.

Market participants have attributed the strong interest in the 364-day bill largely to its comparatively attractive yield, which has continued to make the longer-dated instrument appealing to investors seeking returns on their funds.

The 182-day Treasury bill also attracted significant interest, receiving about GH¢1.2 billion in bids. The government accepted slightly more than GH¢766 million from the total amount tendered.

Meanwhile, the 91-day Treasury bill recorded bids of approximately GH¢3.1 billion, of which a little over GH¢2.4 billion was accepted.

In total, the government accepted about GH¢5.8 billion from the bids submitted across the three instruments.

The latest auction points to sustained demand for government securities, particularly the longer-term Treasury bill, as investors continue to assess available yields and risk in the domestic fixed-income market.

The strong subscription also provides the government with a substantial pool of investor funds from which to finance its short-term borrowing requirements, although the amount ultimately accepted remains dependent on the government's funding needs and auction strategy.

With the 364-day bill accounting for the largest share of investor interest, market attention is likely to remain focused on yields and the government's borrowing strategy in subsequent Treasury bill auctions.