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%.