Interest rates fall for 9th consecutive week to 26.9%

Interest rates fell for the 9^th consecutive week running in line with analysts’ forecasts.

According to the auction results by the Bank of Ghana, the 91-day T-bill eased by 83 basis to 26.99%.

Similarly, the 182-day bill also went down to 29.49% from the previous 29.74%.

Again, the 364-day bill declined by 29 basis points to 30.0%.

Based on the happenings since the beginning of the year, the rates are expected to go down further this week.

Meanwhile, the government recorded about 19.9% percent oversubscription of the treasury bills auction, as demand for the short-term instruments remained high.

The total bids tendered by the investors were estimated at GH¢4.963 billion. The uptake was estimated at GH¢4.940 billion.

Chunk of the bids this time around came from the 6-month bill. The uptake was GH¢1.843 billion.

It was followed by the 91-day bill in which GH¢1.833 billion of the bids were tendered. All were accepted.

About GH¢1.263 billion of the bids came from the 364-day bill. Once more, all the bids were accepted.