Last week, the Treasury recorded yet another oversubscription, raising GH¢2.97 billion above its target of GH¢9.83 billion.

Data from the Bank of Ghana show that total bids across the 91-day, 182-day and 364-day Treasury bills reached GH¢15.91 billion, of which the government accepted GH¢12.83 billion.

This translated into an oversubscription rate of 61.95 per cent, marking the ninth consecutive week of excess demand and underscoring sustained investor confidence in short-dated sovereign instruments.

The 364-day bill dominated the auction, attracting GH¢7.45 billion in bids, with GH¢5.07 billion accepted.

Demand for the 182-day bill stood at GH¢4.29 billion, almost fully absorbed at GH¢4.28 billion, while the 91-day bill drew GH¢4.16 billion, of which GH¢3.44 billion was taken up.

Analysts attribute the strong preference for the 364-day bill to its relatively attractive rate of return. Also with expectations building around further monetary policy easing, analyst believe investors appear keen to lock in current yields before rates are adjusted lower.

The 91-day bill remained unchanged at 11.19 per cent, while the 182-day bill edged up by 2 basis points to 12.66 per cent from 12.64 per cent.

The 364-day bill recorded the sharpest increase, rising 8 basis points to 13.06 per cent from 12.98 per cent.

Looking ahead, the Treasury aims to raise GH¢6.99 billion at the next auction across the three short-term instruments.