In its first trading of the year, the sale of Government Treasury bills was marginally oversubscribed by 5.6% to the tune of a little above ¢1.03 billion.
At the same time, interest rates remained stable, from last year.
This is a good omen for the government since the sale of T-Bills fluctuated throughout last year.
Perceived risks in the Ghanaian economy, on the back of rising debt and low revenue characterised the mixed sale of the short term instruments.
But the oversubscription of the debt instrument in the first week of the year will signal good times ahead.
Importantly, the cost of the Treasury bills sale was also relatively unchanged from that of the later part of last year.
The government had kept interest rates low despite the occasional failure to meet the sale of the T-bills during 2021.
The results of the auctioning show that liquidity might be improving on the interbank market.
According to the results, government accepted all the bids tendered by the investors.
It secured ¢865 million from the sale of the 91-day T-Bills, whilst the 6-months bill yielded ¢172 million.
Overall, government was seeking to raise ¢982 million from the auctioning of the T-Bills.
|Securities||Bids Tendered (GH¢)||Bids Accepted (GH¢)||Interest rate|
|91 Day Bill||865.52 million||865.52 million||12.52%|
|182 Day Bill||172.12 million||172.12 million||13.19%|
|Total||1.037.64 billion||1.037.64 billion|
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