Treasury bill auction surges; records 15 percent oversubscription
The government surpassed its auction target for last week as market continued to experience sufficient liquidity.
Treasury bill sales recorded 15.10 percent oversubscription of its target of GHS 3,064 million.
According to figures from the Bank of Ghana, a chunk of the bids came in from the 91 Day Bill.
A total of GHS 2, 639.12 million was tendered by the investors for the 3-month financial instrument.
According to the result published by the Bank of Ghana, investors presented GHS 3,526.83 billion as against government’s target of GHS 3, 064.00 billion.
However, government accepted all the bids tendered.
Investors for the 3-month financial instrument tendered majority of the bid with a total of GHS 2,639.12 million but government accepted all the bids.
The 182 – day bill also tendered GHS 650.63 million and same accepted however the 364 Day Bill tendered in GHS 237.08 million and government accepted all.
Meanwhile, interest rates continued to surge on the money market.
The 91-day T-bill shot to 27% from the 26 % recorded last week.
Again, analysts and market watchers are worried about the rising cost of T-bills, as government still restructure its debt.
Source: Ghana Business
