Interest rates surged for the 34th week running according to the latest auction of Treasury bills by the Bank of Ghana.
The higher interest rates also triggered a higher demand for the short-term financial instruments, enabling the government to achieve a 35.16% oversubscription of the T-bills sale.
However, it raises concerns about the rising cost of domestic debt at the shorter end of the market.
According to the T-bills auction, the 91-day bill reached 29.73%, as against 29.19% a week ago.
Similarly, the 182-day bill shot up by 180 basis points to 31.60%.
That of the 364-day bill also went up to 33.34% from 33.21% the previous week.
Meanwhile, the government exceeded its target by a little over 35% to the tune of ¢3.08 billion. It however accepted ¢2.89 billion of the bids tendered.
The majority of the bids came from the 91-day bill.
About ¢2.44 billion were tendered in which ¢2.43 billion were accepted.
For the 182-day bill, ¢402.4 million of the bids were tendered, but the government accepted ¢391.20 million.
With regard to the 364-day bill, ¢235.11 million of the bids were received. The government however accepted ¢68.99 million because of the cost of borrowing.
SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
91-Day Bill | 2.446 billion | 2.436 billion |
182-Day Bill | 402.48 million | 391.20 million |
364-Day Bill | 235.11 million | 68.99 million |
Total | 3.084 billion | 2.896 billion |
Target | 2.282 billion | |
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