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 government's recent treasury bills auction exceeded its target by a small margin, with a 2.8% oversubscription of short-term securities amounting to GH¢8.1 billion. The government accepted GH¢7.2 billion of the bids, meeting the auction target of GH¢7.9 billion. The 91-day bill saw the highest demand, with GH¢4.56 billion in bids, accounting for 55% of the total bids.
However, only GH¢4.52 billion was accepted. The 182-day bill received GH¢2.07 billion in bids, while the 364-day bill had GH¢1.56 billion in bids. Interest rates on the yield curve continued to decline, with the yield on the 91-day bill dropping by 11 basis points to 4.69%, and the 182-day bill yield falling from 6.67% to 6.51%. The 364-day bill yield also decreased by a basis point to 10.10%.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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