The government recorded a 73% oversubscription of the treasury bills auction, as demand for the short-term instruments surged ahead of the Bank of Ghana’s policy rate announcement.
According to auction results by the Bank of Ghana, the 364-day bill was once again the most subscribed by investors due to the high interest rate.
The government, however, accepted about GH¢9.978 billion of the bids.
The 364-day bill was once again the most patronised as GH¢8.31 billion of the bids were tendered, representing 64.9% of the total bids.
The uptake was, however, GH¢6.35 billion.
The 182-day bill received bids of GH¢873.9 million. A little above GH¢584 million was accepted.
For the 91-day bill, GH¢3.5 billion of the bids were tendered. A little above GH¢3.0 billion of the bids were accepted.
Meanwhile, interest rates fell at the shorter end of the yield curve.
The yield on the 91-day bill went down by 8.0 basis points to 5.78%.
Similarly, the 182-day bill also dropped to 7.67% from the previous week’s 7.78%.
However, the yield on the 364-day remained unchanged at 12.99%.
