Government Treasury bills sale were oversubscribed by 75 per cent to the tune of GH¢5.06 billion, auction result published by the Bank of Ghana has indicated.
According to the result, participation of the 91-day T-bill was almost to the tune of GH¢3 billion.
Indeed, the 91-day and the 364-day bills recorded immense investor participation.
Whilst the 3-months received bids of about GH¢2.93 billion, that of the one-year bill got bids worth about GH¢1.46 billion. All the bids were, however, accepted by the government.
For the 182-day bill, all the bids of about GH¢665 million were accepted.
Meanwhile, interest rates retreated further for the third week running.
Whilst the yield on the 91-day T-bill went down marginally by 0.12 per cent to 35.54 per cent, the six months bill also fell by 0.16 per cent to 35.84 per cent.
The interest rate on the 364-day bill also stood at 34.12 per cent.
The government will raise ¢2.78 billion from Treasury bills this week to refinance maturing bills worth ¢2.55 billion.
This will be issued via the 91-day, 182-day and 364-day T bills.
In recent times, the government has been borrowing heavily on the treasury market to refinance maturing debts and also build buffers amid the Central Bank zero financing.
By Jamila Akweley Okertchiri