T-bills auction: Government exceeds target by 51%, interest rates fall again

The government recorded another oversubscription of its treasury bills.

According to auction results by the Bank of Ghana, the government exceeded its target by 51.6%, amounting to GH¢9.93 billion.

It, however, accepted about GH¢8.3 billion of the bids.

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 uptake was, however, GH¢5.8 billion.

The 182-day bill received bids of about GH¢1.9 billion. A little above GH¢1.5 billion was accepted.

For the 364-day bill, about GH¢1.7 billion of the bids were tendered. A little above GH¢952 million of the bids were accepted.

Meanwhile, interest rates continued to decrease on the yield curve.

The yield on the 91-day bill declined by 14 basis points to 4.80%.

That of the 182-day bill also went down to 6.67% from the previous week’s 6.87%.

Similarly, the yield on the 364-day dropped by 66 basis points to 10.11%.