Business News
T-BILLS AUCTION: Government Records 9% Oversubscription; Interest Rates Hit 30%
The government achieved about 9.0% oversubscription of treasury bills sales, barely a week after it recorded a marginal undersubscription.
It got GH¢4.65 billion against a target of GH¢4.262 billion.
All the bids tendered for the short-term instruments were accepted.
A chunk of the bids came from the 91-day bill in which GH¢3.83 billion were received. This represented 82.6% of the total bids tendered.
About GH¢628 million were received for the 182-day bill.
For the 364-day bill, GH¢179.37 million were tendered.
Meanwhile, interest rates hit the 30% mark.
The yield on the 364-day bill surged to 30.07% from 29.95% the preceding week.
That of the 91-day bill increased by 18 basis points to 28.03%.
Similarly, the 182-day bill’s rate went up to 28.68%, from 28.57% the prior week.
Importantly, investor demand for the T-bills increased by 27.2% month-on-month in November 2024 but remained insufficient to fully cover the high auction target for the month under review.
Credit: Joy Business
