Audio By Carbonatix
The government exceeded its treasury bills target by 11.9%, reversing a two-week undersubscription.
According to auction results by the Bank of Ghana, this, however, came at a higher cost as interest rates surged marginally on the yield curve.
The government got about GH¢6.0 billion but accepted GH¢5.8 billion of the bids.
The 91-day bill was once again the most subscribed, as GH¢3.56 billion of the bids were tendered, representing 58.4% of the total bids. The uptake was, however, GH¢3.50 billion.
The 182-day bill recorded bids of GH¢1.7 billion. A little above GH¢1.6 billion was accepted.
For the 364-day bill, GH¢ 815.57 million of the bids were tendered. About GH¢ 640 million were accepted.
Meanwhile, interest rates went up across the yield curve.
The yield on the 91-day bill went down by 2.0 basis points to 5.01%.
That of the 182-day bill also increased to 7.09%, from 7.04%.
Also, the yield on the 364-day increased by 38.0 basis points to 10.83%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.56bn | 3.50bn |
| 182 Day Bill | 1.71bn | 1.68bn |
| 364 Day Bill | 815.57m | 640.25m |
| Total | 6.09bn | 5.83bn |
| Target | 5.44bn |
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