The government has recorded a slight oversubscription in its treasury bill auction after three consecutive weeks of missing its target.
This positive outcome follows the approval of Ghana’s third review under the International Monetary Fund’s (IMF) Extended Credit Facility (ECF), which came after the successful restructuring of the country’s Eurobonds.
The government raised GH¢4.615 billion, surpassing its target of GH¢4.565 billion by 1.08%, with all bids being accepted.
Most of the bids, approximately GH¢3.88 billion or 84%, came from the 91-day treasury bill. Investors tendered GH¢500.68 million for the 182-day bill, while GH¢225.96 million was raised from the 364-day bill.
In terms of interest rates, the yield on the 91-day treasury bill increased by 16 basis points, reaching 25.61%. The 182-day bill saw a slight rise to 26.90%, compared to the previous week’s 26.80%. However, the 364-day bill experienced a marginal decline, with the rate dropping by 7 basis points to 28.58%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91-Day Bill | 3.887bn | 3.887bn |
| 182 Day Bill | 500.68m | 500.68m |
| 364 Day Bill | 225.96m | 225.96m |
| Total | 4614.47bn | |
| Target | 4.565bn |
SOURCE: http://dew360.net
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