T-bills: Interest rates fall again; government fails to meet target

Audio By Carbonatix

Interest rates continued to fall on the yield curve since January 1, 2024.

According to auction results by the Bank of Ghana, the rates on the 91-day, 182-day and 364-day bills all declined.

The yield on the 91-day bill tumbled by 10 basis points to 25.54%.

That of the 182-day bill also dropped to 27.64%, from the previous week’s 28.14%.

The 364-day bill again eased by 59 basis points to 28.24%.

Indeed, liquidity on the money market appears to be tightening following uncertainties regarding the government debt restructuring with Eurobond holders.

Meanwhile, the government failed to meet its T-bills target by 10.58%. It got GH¢3.110 billion as against a target of GH¢3.478 billion.

The 91-day bill was however the most patronised financial instrument. GH¢1.983 billion, representing 63.76% were tendered, and all were accepted.

This was followed by the 182-day bill in which GH¢ 878.60 million was tendered and the uptake was the same.

The 364-day bill saw GH¢ 248.76 million bids tendered. All the bids were accepted.

SECURITIES	BIDS ACCEPTED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	1.983 billion	1.983 billion
182 Day Bill	878.60 million	878.60 million
364 Day Bil	248.76 million	248.76 million

Total	3.110 billion	3.110 billion
Target	3. 478 billion

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