Government’s Treasury bills sale were marginally oversubscribed as interest rates hit 29.2%.
According to the results from the Bank of Ghana, the government received bids worth ¢2.29 billion, about 4.04% oversubscription.
The government had in March 2023 forced interest rates to go down to 18.0% in March 2023, but the rates have been surging since then, raising some concerns about the government’s domestic debt restructuring programme.
All the short-term financial instruments have gone up by more than 4.0% since they went down sharply from the high of 35% some three months ago.
According to this auction result, the 91-day T-bill recorded the biggest jump in interest rates, as the yield shot up by 1.27% to 22.97%.
For the 364-day T-bill, the yield went up by 0.34% to 29.25%.
That of the 182-day bill also went up to 25.44%, from 24.97% recorded the previous week.
Meanwhile, the 91-day bill recorded the biggest uptake of 81.7% of the total T-bills subscription.
About ¢1.879 billion was offered by the investors in which the government accepted ¢1.861 billion.
For the 182-day T-bills, the government secured ¢304.16 million.
About ¢115.7 million was tendered by the investors for the 364-day bill in which the government accepted ¢112.60 million.
Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
91 Day Bill | 1.879 billion | 1.861 billion |
182 Day Bill | 304.16 | 304.16 million |
364-Day Bill | 115.74 million | 112.60 million |
Total | 2.299 billion | 2.278 billion |
Target | 2.202 billion |
Latest Stories
-
Enimil Ashon: Surest (only) way to stop election violence
8 mins -
Today’s front pages: Friday, May 17, 2024
11 mins -
Relationship expert doubts ‘perfect love’ exists
12 mins -
Special Prosecutor Kissi Agyabeng facing impeachment
2 hours -
Mass wedding plans for Nigerian orphans spark outrage
2 hours -
Election 2024: Our situation may be bad, but better than being at war – Kofi Amoabeng
2 hours -
Parliament to reconvene today for an emergency sitting
2 hours -
Medikal to cover tuition fees for students on upcoming school tour
3 hours -
Cecilia Dapaah’s husband testifies in alleged $1m theft case
3 hours -
Ghana Shippers’ Authority takes steps to reduce the cost of cargo clearance
3 hours -
Stevie Wonder presented with Bridge Builder Award by Diaspora African Forum
3 hours -
Kusaal language goes live on Wikipedia
4 hours -
South Koreans compete to see who’s best at doing absolutely nothing
4 hours -
Scientists may have solved mystery behind Egypt’s pyramids
4 hours -
Court remands man over alleged theft of fuel dispensers
5 hours