Treasury bill demand increased as the money market’s interest rates continued to plummet. The government obtained about GH¢5 billion from the T-bills sale, approximately 33.8% oversubscription, according to the Bank of Ghana auction results. The 91-day bill was the source of some of the bids. Approximately GH¢3.825 billion, or 77.7%, were tendered. Every bid was approved.
The anticipated cost of the 182-day bill was GH¢822.39 million. The same was true of the uptake. A tender of GH¢272.62 million was submitted for the 364-day bill. Every bid was approved. In the meantime, the yield on the 91-day T-bill nearly decreased by 25 basis points to 25.0%, which caused interest rates to continue dropping.
Additionally, the 182-day bill’s interest rate dropped from 27.39% to 26.99% the previous week. However, at 27.99%, the yield on the 364-day bill stayed largely unchanged. The majority of economists predict that in order to pay for its expenses, the government would keep taking out large loans from the Treasury market.
|
SECURITIES |
BIDS TENDERED (GH¢) |
BIDS ACCEPTED (GH¢) |
|
91 Day Bill |
3.825 billion |
3.825 billion |
|
182 Day Bill |
822.39 million |
822.39 million |
|
364 Day Bill |
272.62 million |
272.62 million |
|
Total |
4.920 billion |
4.920 billion |
|
Target |
3.677 billion |
|
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