T-bills: Government exceeds target by 139%, interest rates tumble
The government received bids worth GH¢12.3 billion, but accepted GH¢6.5 billion.
Investor interest in treasury bills surged as the government exceeded its target by an impressive 139%. The Bank of Ghana's auction results revealed that most investors chose the 364-day bill due to its attractive yield. The government accepted bids worth GH¢6.5 billion out of the GH¢12.3 billion received. The 364-day bill once again topped the list with 60.7% of the total bids, as investors tendered GH¢7.4 billion of the GH¢10.8 billion offered.
The 182-day bill saw bids worth GH¢1.2 billion, with the government accepting GH¢935 million. Meanwhile, the 91-day bill received bids of GH¢3.5 billion, with the government accepting GH¢2.8 billion. Interest rates continued to decline on the yield curve, with the 91-day bill's yield increasing by 13 basis points to 4.94%. The 182-day bill's yield dropped to 6.87% from the previous week's 7.08%, and the 364-day bill's yield decreased by 82 basis points to 10.77%.
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