Audio By Carbonatix
Following the successful completion of the Domestic Debt Exchange Programme last week, government Treasury bills sale was significantly oversubscribed by about 82% to the tune of ¢3.10 billion.
However, ¢2.75 billion was accepted.
The government was seeking to raise ¢1.708 billion from this issuance.
According to the auction result published by the Bank of Ghana, the 91-day T-bill was hugely patronised with an uptake of about ¢2.32 billion.
A little over ¢2.51 billion was however tendered by the investors largely banks.
For the 182-day T-bill, about ¢595 million was tendered, but the government accepted ¢435.19 million.
Since the treasury market has become the only source of financing for government, investors are increasing their appetite for the short-term securities.
Meanwhile, interest rates on the yield curve fell marginally though remained high.
Whilst the 91-day T-bill retreated to 35.66%, that of the 182-day bill went for 35.71%.
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
| 91-day | 2.514 billion | 2.323 billion |
| 182-day | 595.08 million | 435.19 million |
| Total | ¢3.109 billion | ¢2.758 billion |
| Target | ¢1.708 billion |
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