Audio By Carbonatix
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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