T-bills auction: Government exceeds target marginally; interest rates decline
According to the auction results by the Bank of Ghana, the government recorded a 2.8% oversubscription of the short-term securities to the tune of GH¢8.1 billion.
The Ghana government surpassed its treasury bill target by a small margin in the recent auction, with oversubscription reaching 2.8% of the target. The Bank of Ghana reported that the government secured GH¢8.1 billion in bids, while it accepted GH¢7.2 billion of the offers. The 91-day bill was the most popular, with GH¢4.56 billion in bids representing 55% of the total.
The uptake for this bill was GH¢4.52 billion. The 182-day bill saw GH¢2.07 billion in bids, of which GH¢1.81 billion were accepted. The 364-day bill received GH¢1.56 billion in bids, with GH¢867.93 million accepted. Interest rates on government securities on the yield curve continued to fall, with the 91-day bill's yield dropping by 11 basis points to 4.69%.
The 182-day bill's yield decreased from 6.67% to 6.51%, and the 364-day bill's yield fell by a single basis point to 10.10%.
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