Audio By Carbonatix
Interest rates on the money market went up for the 33rd consecutive week.
However, the government recorded a 16.80% oversubscription of the Treasury bills sale to the tune of ¢2.620 billion.
According to the auction results from the Bank of Ghana, the yields sustained their upward trend.
This will increase the government’s interest payment.
The 91-day bill increased by 0.29% to 29.19%, while the 182-day expanded by 0.21% to 31.42%.
The 364-day bill also advanced to 33.21% from 33.01%.
Meanwhile, the government accepted ¢2.610 billion of the total bids though the target for the offer was ¢2.243 billion.
The proceeds from the auction will however be used to refinance maturing bills of ¢2.09 billion.
A chunk of the offer came from the 91-day T-bill. About ¢2.296 billion were tendered but ¢2.102 billion were accepted.
For the 182-day bill, the government accepted almost all the bids worth ¢324.09 million.
All the bids of ¢183.66 million were also accepted for the 364-day bids.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.296 billion | 2.102 billion |
| 182 Day Bill | 324.09 million | 324.03 million |
| 364 Day Bill | 183.66 million | 324.03 million |
| Total | 2.620 billion | 2.610 billion |
| Target | 2.243 billion |
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