Interest rates continued to surge on the money market despite the government securing a marginal undersubscription of treasury bills auction.
According to the auction results from the Bank of Ghana, the yield on the 364-day bill shot up to 32.85% from 32.50% the previous week.
Also, the 91-day T-bill also went up by 0.29% to 28.50%. That of the 182-day bill also inched up to 30.916% from 30.67% the previous week.
Meanwhile, the government got ¢2.499 billion from the sale of the T-bills, approximately 2.72% undersubscription of the targeted amount.
The expected amount to be raised was ¢2.570 billion.
A chunk of the bills came from the 91-day T-bills.
About ¢1,884 billion of the bids were tendered. All the bids were however mobilised from the very end of the money market.
For the 182-day, ¢484.17 million were tendered, in which all were accepted.
On the other hand, the 364-day bill received an offer of ¢131.16 million. All the bids were accepted.
| SECURITIES | BIDS TENDERED (¢) | BIDS OFFERED (¢) |
| 91 Day Bill | 1.884bn | 1.884bn |
| 182 Day Bill | 484.17m | 484.17m |
| 364 Day Bill | 131.16m | 131.16m |
| TOTAL | 2.499bn | |
| TARGET | 2.570bn |