Following a significant progress with the Domestic Debt Exchange (DDE) programme, government Treasury bills (T-bills) sale was oversubscribed by a significant 60.6% as investor confidence rebound.

According to the auction results published by the Bank of Ghana, government secured ¢2.053 billion from the short term securities.

Chunk of the funds, however, came from the 91-day T-bill, as the investors largely banks purchased ¢1.426 billion. However, government accepted ¢1.57 billion of the bids tendered.

The yield shot up slightly to 35.71%, from 35.63% the previous week.

For the 182-day T-bill, government accepted all the bids worth ¢491.45 million at an interest rate of 35.75%.

It also obtained ¢135.30 million from the sale of the 364-day T-bill at a price of 35.81%.

A carefully analysis shows that the yield remained virtually unchanged at 35%.

The sale of the short term securities have been mixed in the past few weeks.

However, the significant progress by the government on the DDE is expected to boost investor confidence in the treasury market going forward.