June 14, 2024
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T-bills auction: Government records 15% oversubscription, but at higher cost of 23.9%

The government overturned its recent under-subscription of treasury bills sales to record about 15% oversubscription of its targeted amount of ¢2.08 billion.

However, that was primarily due to a reduction in the targeted amount.

According to figures from the Bank of Ghana, the government got about ¢2.4 billion from the T-bills auction across the 91-day and 182-day.

Once again, a chunk of the bids came from the 91-day bill. A little over ¢1.59 billion were tendered by the investors for the 3-month financial instrument.

The government accepted over 99% of the bids. For the 182-day T-bill, about ¢816 million were tendered by the investors, largely the banks. All the bids were subsequently accepted. Meanwhile, interest rates continued to surge on the money market.

The 91-day T-bill shot up by 0.36% to 21.15%, whilst the 182-day T-bill also went up to 23.93%, from 23.62% the previous week.

Again, analysts and market watchers are worried about the rising cost of T-bills, as the government still restructure its debt.

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SecuritiesBids Tendered (GH¢)Bids Accepted (GH¢) 
91 Day Bill1.593 billion       1.593 billion       
182 Day Bill816.42 million816.42 million
   
Total2.409 billion 
Target 2.082 billion 

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