Demand for treasury bills surged as interest rates took another nose dive on the money market.
According to the Bank of Ghana auction results, the government secured nearly GH¢5 billion from the T-bills sale, about 33.8% oversubscription.
A chunk of the bids came from the 91-day bill.
About GH¢3.825 billion, representing 77.7% were tendered. All the bids were accepted.
That of the 182-day bill was estimated at GH¢822.39 million. The uptake was also the same.
For the 364-day bill, GH¢272.62 million was tendered. All the bids were accepted.
Meanwhile, interest rates continued to nose-dived as the yield on the 91-day T-bill almost eased by 25 basis points to 25.0%.
The interest rate on the 182-day bill also decreased to 26.99% from 27.39% the previous week.
But the yield on the 364-day bill remained relatively the same at 27.99%.
Most analysts believe the government will continue to borrow heavily from the treasury market to finance its expenditure.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.825 billion | 3.825 billion |
| 182 Day Bill | 822.39 million | 822.39 million |
| 364 Day Bill | 272.62 million | 272.62 million |
| Total | 4.920 billion | 4.920 billion |
| Target | 3.677 billion | |
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