T-bills auction: Government exceeds target by 4.12%, interest rates take a nosedive

The government again exceeded its treasury bills target by 4.12%, reaching GH¢2.54 billion, as demand for treasury bills persisted.

The government accepted bids of GH¢1.91 billion from investors.

A little over GH¢1.5 billion of the bids were tendered for the 91-day bill, representing 59% of the total bids. The uptake was, however, about GH¢1.2 billion.

The 182-day bill received bids of about GH¢423.47 million. About GH¢395 million was accepted.

For the 364-day bill, about GH¢613 million of the bids were tendered. A little above GH¢292 million of bids were accepted.

Meanwhile, interest rates declined across the shorter end of the yield curve, but rose on the longer end of the yield curve.

The yield on the 91-day bill declined by 7.0 basis points to 4.54%.

Similarly, the 182-day bill also went down to 6.26% from the previous week’6.26%.

Also, the yield on the 364-day bill dropped by 15.0 basis points to 9.60%.

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