Investor interest in short-term Government of Ghana instruments continued to remain high despite a further cut in interest rates.

This is coming after the government announced its return to the primary bond market this year.

According to auction results by the Bank of Ghana, the government exceeded its target by about 89.7%.

The target for the auctioning was GH¢5.67 billion, but the bids tendered were worth GH¢10.77 billion. The government, however, accepted GH¢6.13 billion.

The 91-day bill was the most subscribed as GH¢5.211 billion of the bids were tendered, representing 48% of the total bids. However, the bids accepted were GH¢3.4 billion.

The 364-day bill recorded bids of about GH¢3.59 billion tendered. The uptake was GH¢1.72 billion.  

For the 182-day bill, GH¢1.95 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢946 million.

Meanwhile, interest rates continued its nose dive across the yield curve.

The yield on the 91-day bill fell by 50 basis points to 4.82%.

That of the 182-day bill also declined to 6.30% from 6.87% the previous week.

Similarly, the yield on the 364-day bill eased by 42 basis points to 9.34%.