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T-Bills Auction: Government Records 121.4% Oversubscription; Interest Rates Fall Again
The government recorded 121.4% oversubscription of Treasury bills to the tune of GH¢5.606 billion.
This follows the inflow of the second tranche of the International Monetary Fund (IMF) bailout package.
According to the treasury auction by the Bank of Ghana, interest rates fell for the 4th consecutive week in 2024.
The latest auction of the short-term financial instruments indicated a high demand by investors, largely banks.
About GH¢2.839 billion of the bids came from the 91-day bill, representing approximately 50.6% of the total bids. The uptake was GH¢2.72 billion.
For the 182-day T-bill, GH¢1.532 billion were tendered but GH¢1.531 billion were accepted.
The 364-day bill saw all the bids worth GH¢1.234 billion accepted.
Meanwhile, the yield on the 91-day bill fell by 29 basis points to 28.59%.
That of the 182-day bill also dipped to 31.09% from the past week’s 31.39%.
The one-year bill also took a nose dive to 31.79% from the previous 31.99%.
Credit: Joy Business
