Government shook off the recent fluctuation in Treasury bills sale as the short term securities were oversubscribed by 82% to ¢1.85 billion in the last auctioning by the Bank of Ghana.

This brings some huge relief to government, following the high under subscription the previous week.

The oversubscription could largely be due to the one year-bill which was the most subscribed instrument to the tune of ¢844.2 million. It interest yield of 16.3% was also the most attractive to investors.

According to the auctioning result by the Bank of Ghana, government secured a little above ¢827 million for the 91-day T-Bills, but got a paltry ¢184 million for the 6-months bill.

The interest cost for both investment instruments remained unchanged at 12.56% and 13.36% respectively.

The target for the sale of the T-Bills was ¢1.019 billion.

Some analysts attribute the recent slump in Treasury bills may also be attributed to investor interest in other bills, which offers higher interest rate.

For instance, COCOBOD recently issued the cocoa bills with a yield of 17% to raise capital to inject in the cocoa industry, which is on its way to register a record over a million metric tonnes of cocoa.

Securities	Bids Tendered (GH¢)	Bids Accepted (GH¢)	Interest rate
91 Day Bill	827.86 million	827.86 million	12.56%
182 Day Bill	184.14 million	184.14 million	13.36%
364 Day Bill	844.30	844.29	16.39%
Total	1,856.3 billion	1,856.3 million
Target	1,019.0 billion