July 19, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

T-bills auction: Government achieves marginal oversubscription; interest rates hit 30%

Interest rates on the money market returned to the 30% bracket as the government mobilised more funds to finance maturing debt.

According to the auction result by the Bank of Ghana, the government accepted all bids tendered for the treasury bills by the investors to the tune of ¢2.699 billion.

The T-bills sale was oversubscribed by a marginal 1.70%. But the rising interest cost is a major concern to all stakeholders.

The yield on the 364-day bill inched up to 30.04%, from the previous 29.65%. That of the 91-day bill shot up by 0.39% to 24.92%.

Again, the 182-day bill also escalated to 26.80%, from 26.40% previously.

In the first four months of this year, the government’s domestic debt went up by a significant ¢15.6 billion.

According to the result by the Bank of Ghana, about ¢1.785 billion were tendered for the 91-day bill. All the bids were accepted.

About ¢357 million were also gotten from the 182-day bill after all the bids from the investors were accepted.

About ¢557 million were, however, mobilized from the one-year bill.

SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)
91-day bill1.785 billion1.785 billion
182-day bill357.05 million357.05 million
364-day bill557.32 million557.32 million
   
Total2.699 billion2.699 billion
Target2.654 billion2.654 billion

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