Accra: The government recorded another strong treasury bill auction, attracting bids far above its target despite mixed movements in interest rates. Results released by the Bank of Ghana showed that investors submitted bids worth GHS10.5 billion against the government's target of GHS5.866 billion, representing an oversubscription of about 79%. Out of the total bids received, the government accepted GHS8.65 billion.
According to Ghana Web, the 364-day bill continued to dominate investor demand, attracting GHS7.47 billion in bids, equivalent to about 71% of the total amount tendered. Of that amount, GHS7.17 billion was accepted. The 91-day bill recorded bids of GHS2.27 billion, with the government accepting about GHS927 million. Meanwhile, the 182-day bill attracted GHS757.9 million in bids, of which GHS501.38 million was accepted.
On the yield front, the 91-day treasury bill remained unchanged at 5.76%, while the 182-day bill eased slightly to 7.64% from 7.68% in the previous auction. However, the yield on the 364-day bill increased by 2 basis points to 12.96%, signalling higher returns demanded by investors for the one-year instrument despite continued strong appetite for government securities.