Interest rates shot up marginally again for the third week running, as the market corrects itself to reflect the prevailing economic condition.
According to the auction results, the yield on the 91-day and 182-day T-bills inched up slightly.
Whilst the 91-day T-bill went up by 0.05% to 19.79%, that of the 182-day bill increased to 22.47%, from 22.24% the previous week.
But the one-year (364-day) bill went down by 0.05% to 26.90%.
Government is hoping to reduce its interest costs substantially this year and the next couple of years, and therefore the high interest rate is a concern.
Meanwhile, the government secured ¢1.79 billion from the sale of the short term instruments, about 7.5% oversubscription of the targeted amount of ¢1.666 billion.
Chunk of the bids came from the 91-day T-bill, whereby ¢1.47 billion were tendered. All the bids were accepted.
About ¢227 million were also received for the 182-day T-bill. Again, all the bids were accepted.
All of the ¢87.81 million bids for the 364-day bill was also accepted.
Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
91 Day Bill | 1.476 billion | 1.476 billion |
182 Day Bill | 227.11 million | 227.11 million |
364 Day Bill | 87.81 | 87.81 |
Total | 1.79 billion | 1.79 billion |
Targeted | 1.666 billion |
Latest Stories
-
GPL: Expect a new Kotoko against Samartex – Ogum tells fans
21 mins -
Court orders service of notice for DNA test to Mohbad’s wife
23 mins -
Changes to Ghana’s oil and gas royalty and licensing scheme to be implemented in 2024
26 mins -
Ghana’s oil production to rebound in 2024 growing by 5% – Fitch Solution
42 mins -
Davido gifts fan $50K to clear off her student loan
46 mins -
Netflix: Profits soar after password sharing crackdown
48 mins -
OSP files additional charges against former PPA CEO Adjenim Boateng Adjei
51 mins -
Samuel Anini’s ‘Legacy of Hope’ to be launched in Finland
59 mins -
Fitch Solutions projects 19.0% average inflation for Ghana in 2024
59 mins -
Beijing half marathon: Top 3 stripped of medals after investigation
1 hour -
Nigerian Tunde Onakoya attempts to break chess marathon record
1 hour -
Government set to strip ECG of its billing, collection powers – Egyapa Mercer
1 hour -
We have to focus on Premier League now – Jurgen Klopp
1 hour -
Oil price rises as US says Israel has struck Iran
1 hour -
MPs open up about growing financial pressures and health challenges
2 hours