T-bills Auction: Government Records 29.71% Oversubscription; Interest Rates Dip Slightly

The government recorded a 29.71% oversubscription of the treasury bills auction a week after it failed to meet its target.

According to the auction results by the Bank of Ghana, the government got GH¢3.52 billion from the sale of the short-term instruments.

About GH¢2.715 billion, representing 77.02% came from the 91-day T-bill. The uptake was however GH¢2.710 billion.

For the 182-day bill, GH¢608.41 million were tendered. All the bids were accepted.

Similarly, GH¢201.49 million were received for the 364-day bill. Again, all the bids were accepted. Meanwhile, interest rates returned to their downward trajectory.

The yield on the 91-day bill declined marginally by 6.0 basis points to 25.03%.

That of the 182-day bill also went down to 26.91%, from 26.94% the previous week.

For the 364-day T-bill, the interest rate eased to 27.90% from the previous week’s 27.94%.

Source: myjoyonline