T-bills auction: Government records marginal oversubscription; interest rates rise
The government recorded a marginal oversubscription of treasury bills auction.
However, this came at the expense of a rising interest rate
According to the auction results by the Bank of Ghana, the government got GH¢4.195 billion from the sale of the short-term instruments as against a target of GH¢4.035 billion.
All the bids tendered were accepted.
About 83% of the bids, approximately GH¢3.52 billion came from the 91-day bill.
GH¢545.83 million were tendered for the 182-day bill.
However, GH¢128.52 million were offered for the 364-day bill.
Meanwhile, interest rates surged on the yield curve for the second consecutive week.
The yield on the 91-day bill went up by 33 basis points to 25.94%.
The rate on the 182-day bill also increased to 27.03% as compared to 26.90% 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 | |
