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%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91-Day Bill	2.715 billion	2.710 billion
182-Day Bill	608.41 million	608.41 million
364-Day Bill	201.49 million	201.49 million

Total	3.525 billion	3.520 billion
Target	2.718 billion

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