Investor interest in government securities shot up further, as the government exceeded its treasury bills target once again by 253%.
According to auction results by the Bank of Ghana, the government received bids worth over GH¢22.6 billion.
According to the auction results by the Bank of Ghana, the government rejected about GH¢13 billion of the bids, but accepted GH¢8.9 billion.
The majority of the bids yet again came from the 364-day bill, with an estimated GH¢7.7 billion tendered. This represented 34.2% of the total bids.
The uptake was, however, GH¢3.4 billion.
For the 91-day bill, GH¢7.6 billion of the bids were tendered. The bids accepted were to the tune of GH¢3.4 billion.
Similarly, GH¢7.2 billion of the bids were tendered for the 182-day bill. A little over GH¢3 billion of the bids were accepted.
Meanwhile, interest rates fell sharply across the yield curve, reducing the government cost of servicing the debt.
The yield on the 91-day bill dropped by 136 basis points to 8.60%.
That of the 182-day bill also declined to 10.67%, from the previous 11.81%.
Again, the yield on the 364-day bill eased by 100 basis points to 11.06%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 7.64bn | 3.41bn |
| 182 Day Bill | 7.26bn | 2.08bn |
| 364 Day Bill | 7.76bn | 3.48bn |
| Total | 22.67bn | 8.99bn |
| Target | 6.41bn |
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Source: www.myjoyonline.com