The government recorded a marginal oversubscription of treasury bills compared to the previous weeks’ large oversubscriptions.
According to data from the Bank of Ghana, the government exceeded its target by 7.4% to GH¢8.7 billion cedis. The government, however, accepted GH¢7.9 billion of the total bids.
This shows that Investor interest in the short-term Government of Ghana instruments went down due to the low yield offered by the government.
About 70% of the bids came from the 91-day bill. The bids tendered were estimated to the tune of GH¢6.15 billion, but the uptake was GH¢5.8 billion.
For the 182-day bill, GH¢2.05 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢946 million.
The 364-day bill also recorded bids of about GH¢529.46 million. Those accepted were estimated at GH¢480.46.
Meanwhile, interest rates declined at the shorter end of the market.
The yield on the 91-day bill fell by 11 basis points to 4.71%.
That of the 182-day bill also declined to 6.28% from 6.30% the previous week.
However, the yield on the 364-day bill inched up by 6.0 basis points to 9.40%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 61.151bn | 5.882bn |
| 182 Day Bill | 2.056bn | 1.682bn |
| 364 Day Bill | 529.46m | 480.46m |
| Total | 8.73bn | 7.99bn |
| Target | 8.131bn |
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Source: www.myjoyonline.com