The government achieved a slight oversubscription in its recent treasury bills auction, but this came at the cost of higher interest rates.
According to the auction results from the Bank of Ghana, the government raised GH¢4.195 billion from the sale of short-term securities, surpassing its target of GH¢4.035 billion. Notably, all bids submitted were accepted.
The majority of the bids, around 83% or GH¢3.52 billion, were for the 91-day treasury bill. Meanwhile, the 182-day bill saw bids amounting to GH¢545.83 million, and the 364-day bill attracted GH¢128.52 million in bids.
However, interest rates continued to rise for the second consecutive week. The yield on the 91-day bill increased by 33 basis points, reaching 25.94%. Additionally, the yield on the 182-day bill edged up to 27.03%, compared to 26.90% from the previous week.
That of the 364-day bill also shot up by 15 basis points to 28.73%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.520 billion | 3.520 billion |
| 182 Day Bill | 545.83 million | 545.83 million |
| 364 Day Bill | 128.52 million | 128.52 million |
| Total | 4195.32 billion | |
| Target | 4.035 billion | |
SOURCE: BUSINESS
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