T-bills auction: Gov’t records marginal oversubscription

For the first time in 10 weeks, the government recorded an oversubscription of its treasury bills sale.

However, it paid a higher price for the 91-day bill which it received bids worth GH¢4.689 billion before achieving its target.

According to auction results from the Bank of Ghana, the government got GH¢5.529 billion from all the bids tendered, about 2.40% more than the targeted amount.

All the bids were accordingly accepted.

The 91-day bill received the bulk of the bids of GH¢4.689 billion, about 84% of the total bids.

About GH¢594 million of the bids came from the 182-day bill, whilst GH¢245.74 million were made up of the 364-day bills.

Meanwhile, interest rates were mixed across the yield curve.

Whilst the yield on the 91-day bill went up marginally that of the 182-day and 364-day bills declined slightly.

The yield on the 91-day bill was 24.91%, higher than the 24.90% recorded a week ago.

The rate on the 182-day bill went down by 2.0 basis points to 26.78%, whereas that of the 364-day bill also declined to 28.07%, from the previous week’s 27.91%.

Inflation eased marginally last week. This could push interest rates down but albeit slowly.