T-bills: Government records 162% oversubscription, interest rates slump

The government's treasury bills auction saw a staggering 162% oversubscription, according to the Bank of Ghana's auction results. The 364-day bill, which offered a high yield, was the most sought-after, with investors purchasing about GH¢5.8 billion of the total bids. This represented 183% of the total bids, while the 182-day bill received GH¢1.2 billion and the 91-day bill received GH¢3.1 billion.

The government accepted a significant portion of the bids, accepting GH¢2.6 billion for the 364-day bill, 766.21 million for the 182-day bill, and 2.68 billion for the 364-day bill. The interest rates on these bills continued to decline, with the yield on the 91-day bill increasing by 39 basis points to 5.07%, the 182-day bill decreasing to 7.08% from the previous week's 7.27%, and the 364-day bill surging by 91 basis points to 11.59%.