T-bills auction: Gov’t achieves 13.21% oversubscription; interest rates reach nearly 32%
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Government exceeded its treasury bills target by over 13 percent to the tune of ¢2.94 billion, but interest rates continued to surge disturbingly.
According to the latest auction by the Bank of Ghana, interest rates reached almost 32%.
The target for this auction was ¢2.601 billion, but the bids tendered were ¢2.944 billion.
About ¢2.907 billion were accepted. Majority of the bids came from the 91-day bill in which about ¢2.206 billion were tendered.
However, the government accepted ¢2.202 billion.
For the 182-day bill, a little above ¢322 million were offered, but the government accepted ¢289.19 million.
With regard to the one year bill, all the bids worth ¢415.78 million tendered were accepted.
Meanwhile, the interest rate on the three-month bill jumped to 27.78%, from 27.36% the previous week. That of the 6-month bill went up by 0.40%.
The 364-day yield also surged to 31.97%, from the past week’s 31.65%.
| SECURITIES | BIDS TENDERED | BIDS ACCEPTED |
| 91 Day Bill | 2.206bn | 2.202bn |
| 182 Day Bill | 322.56m | 289.19m |
| 364 Day Bill | 415.78m | 415.78m |
| TOTAL | 2.944bn | 2.907bn |
| TARGET | 2.601bn |
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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