Rates of Treasury securities have fallen as government recorded 96% oversubscription of its latest Treasury bills sale, figures from the Bank of Ghana have revealed.
The figures further indicated that investor interest in the government's short term securities continue to soar, particularly the three-month T-Bills.
However, government's decision to reduce its borrowing albeit marginally has largely led to a minimal fall in interest rate.
Treasury yield on the 91-day Treasury bill fell by about 0.25% to 13.81%, whilst that of the 6-month T-Bill has gone down by about 0.08% to 14.01%.
For the past five weeks, Treasury bills sale have been oversubscribed, shaking off the under-subscription mode after the December 7, 2020 elections through the Christmas festivity.
The government was looking to mobilize GH¢856 million for the short term securities, but got GH¢1.679 billion.
It will be pleased with the investor interest because it is securing enough funds to repay maturing loans and also finance the budget.
For the 91-day T-Bill, the government got a little above GH¢1.5 billion worth of bids, but accepted GH¢962 billion.
It also accepted about GH¢113.82 million cedis for the 6-month bill, though the bids tendered were GH¢114.77 million.
Data from the Bank of Ghana indicates that the Government Treasury securities were priced lower than the present rate during the early part of last year. But the latest fall in interest rates could shift to that trend.
Target (91-day & 182-day T-Bill) | GH¢856m |
Bids tendered | GH¢1.679bn |
Government accepted | GH¢1.076.75bn |
Latest Stories
-
Easter celebration: Ghana AIDS Commission to distribute free condoms in Kwahu
14 mins -
Zeepay secures additional $3m from Verdant Capital Hybrid Fund
21 mins -
Over 70% of power outages were due to planned maintenance works – ECG to PURC
24 mins -
Access Bank partners Horseman Shoes to boost local shoe manufacturing industry
35 mins -
Election 2024: Don’t vote for candidates making empty promises – CDD to Ghanaians
40 mins -
IGP shares Easter safety tips on Adom FM’s ‘Ofie Kwanso’
1 hour -
Ebo Whyte offers fully-funded trip as he unveils new play ‘Dubai or No Sex’
1 hour -
Ancient culture of Anlo Kingdom: Exploring “Torkor Atorlia,” the fifth landing stage’s old ways of punishment
2 hours -
Leaders from Saudi Arabia, Turkey, Botswana, Cameroon and Sierra Leone to lead discussions at Africa Finance Corporation’s (AFC) 4th Country & Stakeholder Symposium
2 hours -
Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y
2 hours -
President Akufo-Addo extends Easter Greetings to Ghanaians, urges safe drive
2 hours -
Government pushes for use of more local materials in housing, other infrastructure projects
3 hours -
Dr Bawumia extends Easter greetings to Christians
3 hours -
CAF Confederation Cup: ‘Ghanaians should expect victory against Stade Malien’ – Dreams FC forward Ishmael Dede
3 hours -
CAF Confederation Cup: ‘We want to go there and win’ – Karim Zito on Stade Malian clash
4 hours