T-bills auction: Government exceeds target by 51%, interest rates fall again
For the first time in several months, the 91-day bill led the pack with GH¢6.2 billion of the bids tendered, representing 62.6% of the total bids.
The Ghanaian government's recent treasury bill auction exceeded expectations by a significant margin, with a 51.6% oversubscription resulting in GH¢9.93 billion in bids. However, only GH¢8.3 billion of these bids were accepted. This marked the first time in months that the 91-day bill led the pack, receiving GH¢6.2 billion of the total GH¢9.93 billion in bids, accounting for 62.6% of the total bids.
The 182-day bill also saw substantial interest, with about GH¢1.9 billion in bids accepted, while the 364-day bill garnered GH¢1.7 billion in bids. Despite the high demand, interest rates on these bills continued to fall, with the yield on the 91-day bill decreasing by 14 basis points to 4.80%, the 182-day bill at 6.67% from 6.87% the previous week, and the 364-day bill dropping by 66 basis points to 10.11%.
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