Interest rates took a nose dive for the 3rd consecutive week-running in 2024, the day the International Monetary Fund approved the first review of Ghana’s programme.
According to auction results by the Bank of Ghana, demand for treasury bills continued to surge.
This is because investor confidence is soaring following the expected release of the $600 million bailout package to Ghana this week by the IMF.
The auction results revealed that the yield on the 91-day T-bill went down by 15 basis points to 28.88%.
That of the 182-day bill also fell to 31.39% from the previous 31.51%.
The rate on the 364-day bill also eased by 9 basis points to 31.99%.
Meanwhile, the T-bills auction was oversubscribed by 72.3% to GH¢5.270 billion.
About GH¢2.632 billion of the bids were tendered for the 91-day bill, representing 49.9% of total bids. All of the bids were accepted accordingly.
For the 182-day T-bills, ¢1.324 billion of the bids were tendered. The uptake was GH¢1.324 billion, about 25.12% of the total bids.
The 364-day bill also received bids worth GH¢1.312 billion. All the bids were accepted.
SECURITIES BIDS TENDERED (GH¢) BIDS ACCEPTED (GH¢)
91-Day Bill 2.632 billion 2.632 billion
182-Day Bill 1.324 billion 1.324 billion
364-Day Bill 1.312 billion 1.312 billion
Total 5.270 billion 5.270 billion
Target 3.058 billion