Government Records 19.75% Over-Subscription in T-Bills Auction as Interest Rates Approach 30%
The government of Ghana achieved a 19.75% over-subscription in its latest treasury bills (T-bills) auction, following the successful presidential election of President Mahama. According to the Bank of Ghana’s T-bill auction results, demand for these short-term instruments surged post-election, resulting in GH¢8.20 billion raised from the sale.
All bids were accepted during the auction. Of this amount, just over GH¢6.74 billion came from the 91-day bill, accounting for 82.1% of the total bids. The 182-day bill raised GH¢951.67 million, while the 364-day bill secured GH¢508.15 million.
Interest rates for the T-bills rose to near 30%. The yield on the 91-day bill increased by 17 basis points to 27.77%. The 182-day bill’s rate was 28.49%, up from 28.32% the previous week. The 364-day bill saw a rise of 3 basis points, reaching 29.94%.
SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢)
91-Day Bill | 6.740bn | 6.740bn
182-Day Bill | 951.67m | 951.67m
364-Day Bill | 508.15m | 508.15m
Total | 8.200bn |
Target | 6.848bn
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