Demand for treasury bills soared on the money market as T-bills were oversubscribed by more than 55%.
However, interest rates continued to surged, increasing the government’s cost of repaying the short-term instruments.
According to action results by the Bank of Ghana, the government got a remarkable GH¢8.075 billion from the sale of the short-term instruments though it was looking for GH¢5.198 billion to refinance the maturing bills.
The government accepted all the bills tendered.
A whopping GH¢5.513 billion came from the 91-day bills, representing 68.27% of the total bids.
About GH¢1.416 billion cedis were also tendered for the 182-day bill.
On the other hand, GH¢1.145 billion were tendered for the 364-day bill.
Meanwhile, interest rates edge further on the yield curve, raising questions about the increasing cost of domestic debt.
The yield on the 91-day bill rose by 14 basis points to 28.33%.
That of the 182-day bill also reached 28.96% from 28.91% the prior week.
Similarly, the interest on the 364-day bill went up by 2 basis points to 30.17%.
SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
91 Day Bill | 5.513bn | 5.5131bn |
182 Day Bill | 1.416bn | 1.416bn |
364 Day Bill | 1.145bn | 1.145bn |
Total | 8.075bn | 8.075bn |
Target | 5.198bn |
Latest Stories
-
World number one Sinner banned for three months
3 hours -
Communications Ministry restructures workforce to align with governance reset
6 hours -
Djibouti’s Foreign Minister Mahmoud Ali Youssouf elected AU Commission chair
7 hours -
Barker-Vormawor, Ama Governor, shouldn’t have been prosecuted – John Darko
8 hours -
Bellingham sent off as Real Madrid held by Osasuna
9 hours -
Ten-man Ipswich claim battling point at Aston Villa
9 hours -
Marmoush hits quickfire treble as Man City thrash Newcastle
9 hours -
Walewale curfew ‘poorly made and politically motivated’ – MP
11 hours -
Samuel Kofi Ahiave hands over to Kow Eduakwa Sam as Ag. CEO of Bui Power Authority
12 hours -
Dec. 7 termination: We’ll strike if newly recruited nurses are affected – GRNMA warns
12 hours -
Sam George terminates Osafo-Maafo’s appointment as NCA Director
12 hours -
Interior Ministry imposes 6pm curfew on Walewale, bans carrying of ammunition
12 hours -
Mahama calls for stronger US support to tackle regional security threats
12 hours -
Ghana will leverage over $130bn global chocolate market to create jobs – Trade Minister
12 hours -
Unveiling of the official logo for Mfantsipim’s 150th Anniversary celebration
12 hours