Following an upgrade in Ghana’s credit rating by Fitch to B- and a stable outlook, the government recorded an oversubscription of its treasury bills for the first time in two months.

According to the auction results by the Bank of Ghana, the Treasury recorded an 80% oversubscription of the short-term instruments.

Investors responded swiftly to the improved ratings by Fitch following a boost to Ghana’s credit profile.

According to the auction results by the Bank of Ghana, the government received GH¢7.8 billion of the total bids, but accepted a little above GH¢6 billion.

The 91-day bill was once again the most subscribed bill as GH¢5.7 billion of the bids were tendered, representing 73% of the total bids. The uptake was, however, GH¢4.3 billion.

The 364-day bill also recorded bids of about GH¢1.4 billion. The bids accepted were a little above GH¢1.1 billion.

For the 182-day bill, GH¢655.12 million of the bids were tendered. About GH¢ 571 of the bids were accepted.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill fell by 4.0 basis points to 4.88%.

That of the 182-day bill also went up to 7.03% from 6.97% the previous week.

On the other hand, the yield on the 364-day bill decreased by 6.0 basis points to 10.13%.