For the third consecutive week, the government has surpassed its treasury bill sales target, with an oversubscription rate of about 11%. However, this success came alongside a continued rise in interest rates.
Data from the Bank of Ghana shows that the government raised GH¢4.42 billion from its short-term debt auction, surpassing its initial target of GH¢3.98 billion. Investors submitted bids for the entire amount offered, with GH¢957.67 million allocated to the 182-day bill and a little over GH¢276 million for the 364-day bill.
Interest rates, meanwhile, climbed further across the yield curve. The yield on the 91-day bill increased by 25 basis points to reach 26.19%, while the 182-day bill’s rate inched up from 27.03% to 27.29%. The 364-day bill saw a similar rise, increasing by 24 basis points to 28.97%.
The majority of investor interest was directed toward the 91-day bill, which attracted 72% of the total bids, amounting to GH¢3.18 billion.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.188 billion | 3.188 billion |
| 182 Day Bill | 957.67 million | 957.67 million |
| 364 Day Bill | 276.32 million | 276.32 million |
| Total | 4.422.11 billion | |
| Target | 3.980.00 billion | |
SOURCE: JoyBusiness
Join our WhatsApp channel: https://whatsapp.com/channel/0029VakDz4u9RZATWh53yC1a
