Accra:The government has accepted GHS1.77 billion out of a total of GHS2.93 billion worth of bids submitted by investors in the latest Treasury bill auction. This indicates that the government rejected approximately GHS1.15 billion, or 39%, of the total bids.
According to Ghana Web, The auction saw the highest demand for the 91-day Treasury bill, with investors submitting bids totaling GHS2.22 billion. However, the government accepted only GHS1.39 billion of these bids, leaving about GHS821 million unaccepted.
In the case of the 182-day bill, investors proposed GHS235.19 million, of which GHS153.59 million was taken up by the government. Meanwhile, the 364-day bill received GHS474.85 million in bids, with GHS224.35 million accepted.
The 91-day bill's popularity suggests a preference for shorter-term investments among investors. Despite this, interest rates for all three Treasury bills have continued to decline. The 91-day bill's rate decreased by four basis points to 4.64%, the 182-day bill fell from 6.67% to 6.31%, and the 364-day bill dropped by three basis points to 9.80%. As a result, investors are currently earning less interest on Treasury bills compared to previous auctions.