Accra: The government recorded a 13.61% oversubscription on its treasury bills auction for the second consecutive week, driven by higher interest rates across the yield curve.
According to Ghana Web, the Bank of Ghana's auction results showed that the government received total bids amounting to GHS8.43 billion against a target of GHS7.42 billion, ultimately accepting GHS8.29 billion.
The 91-day treasury bill emerged as the most subscribed security, drawing bids worth GHS6.03 billion, which represented 71.5% of the total bids. The government accepted all GHS6.03 billion of these bids, indicating strong investor confidence in this short-term security.
In contrast, the bids for the 182-day treasury bill reached GHS1.10 billion, with the government accepting GHS1.04 billion. Meanwhile, the 364-day bill attracted bids worth GHS1.29 billion, of which GHS1.21 billion was accepted.
Interest rates on the yield curve demonstrated mixed movements during this period. The yield on the 91-day bill increased by 3.0 basis points to 5.04%, while the yield on the 364-day bill rose by 14.0 basis points to 10.97%. On the other hand, the yield on the 182-day bill saw a slight decline to 7.08%, down from 7.09% the previous week.