Audio By Carbonatix
The government rejected GH¢10.865 billion of bids tendered for treasury bills as demand for the short-term instruments reached a record high.
The Treasury registered a 140.5% oversubscription to the tune of GH¢20.49 billion.
It accepted GH¢9.634 billion, higher than the target of GH¢7.72 billion.
The 364-day bill received the highest bids estimated at GH¢8.11 billion, about 39.56% of the total bids. A little over GH¢3.9 billion were accepted.
For the 91-day bill, about GH¢7.38 billion, representing 36.02% of the total bids were tendered. A little above GH¢4.2 billion were accepted.
The 182-day bill also saw bids worth about GH¢5 billion tendered. About GH¢1.43 billion bids were accepted.
Meanwhile, interest rates took a nosedive, reducing the government’s cost of borrowing.
The yield on the 91-day bill went down by 238 basis points to 24.47%.
That of the 182-day bill also declined to 25.38% from the previous 27.80%.
Similarly, the 364-day bill was reduced by 178 basis points to 27.29%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 7.385bn | 4.223bn |
| 182 Day Bill | 5.003bn | 1.432bn |
| 364 Day Bill | 8.110bn | 3.968bn |
| Total | 20.499bn | 9.634bn |
| Target | 8.068bn |
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