T-bills: Government records another marginal oversubscription but interest rates surge

The government recorded another marginal oversubscription of treasury bills but at the expense of rising interest rates.

According to auction results from the Bank of Ghana, the government bagged GH¢4.078 billion as against a target of GH¢4.01 billion.

All the bids tendered were oversubscribed.

About GH¢3.32 billion representing 82.97% came from the 91-day bill.

A little over GH¢549.96 million were offered for the 182-day bill.

However, GH¢200.78 million were tendered for the 364-day bill.

The securities will be issued today November 4, 2024.

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

The yield on the 91-day bill went up by 37 basis points to 26.56%.

That of the 182-day bill was 27.58% as against 27.29% the previous week.

The rate on the 364-day bill was however up by 6.0 basis points to 28.97%.