The government recorded 77% oversubscription of the treasury bills auction, as the yield on the one-year bill hit 12.99%.  

According to the auction results by the Bank of Ghana, most of the investors bought the 364-day bill because of the attractive interest rate.  However, the government will have to pay more to service the bill at maturity.

The government received GH¢10.03 billion of the bids from the investors. However, it accepted a little above GH¢7 billion.

The 364-day bill was once again the most subscribed bill as GH¢5.65 billion of the bids were tendered, representing 56.3% of the total bids.

The uptake was, however, GH¢4.5 billion.

The 182-day bill received bids of GH¢1.3 billion. A little above GH¢1.0 billion was accepted.

For the 91-day bill, GH¢2.98 billion of the bids were tendered. A little above GH¢1.79 billion of the bids were accepted.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill dropped by 10 basis points to 5.86%.

That of the 182-day bill remained unchanged at 7.78% from the previous week.

The yield on the 364-day, however, surged by 70 basis points to 12.99%.