The Bank of Ghana is facing growing pressure to further reduce its policy rate ahead of its scheduled March Monetary Policy Committee meeting, following a faster-than-expected slowdown in inflation.

Investor appetite for Ghana’s short-term government securities remained strong as Treasury bills recorded a 246% oversubscription at the latest auction, despite a reduced borrowing target, according to results released by the Bank of Ghana.

The government set a target of 4.9 billion Ghana cedis but attracted bids estimated at 17.2 billion cedis, underscoring sustained demand for risk-free assets amid easing interest rates. Out of the total bids tendered, the government accepted 5.88 billion cedis.

The 364-day Treasury bill accounted for the largest share of investor interest, with bids worth about 6.9 billion cedis, representing 40.2% of total tenders. Of that amount, approximately 2.5 billion cedis were accepted. For the 91-day bill, investors tendered about 6.5 billion cedis, with the government taking up roughly 2 billion cedis. Meanwhile, bids for the 182-day bill stood at about 3.7 billion cedis, with just over 1.3 billion cedis accepted.

Interest rates fell sharply across the yield curve, reflecting alignment with recent monetary policy easing. The yield on the 91-day bill declined by 86 basis points to 9.96%. The 182-day bill also eased, dropping to 11.81% from 12.38% the previous week. Similarly, the yield on the 364-day bill fell by 76 basis points to 12.06%.

Market analysts say the strong oversubscription, combined with falling yields, signals growing investor confidence and expectations of continued monetary easing, even as the government remains selective in its borrowing strategy.

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