The government recorded a 19 percent oversubscription of treasury bills for the fifth week in a row, according to auction results released by the Bank of Ghana.
The auction target was set at GH¢3.3 billion, but bids totaled GH¢3.95 billion, representing a 19.69 percent oversubscription. Of this, the government accepted GH¢3.89 billion.
Breakdown of bids shows strong demand for the 91-day bill, which accounted for just over 61 percent of total subscriptions. GH¢2.449 billion was tendered, with GH¢2.447 billion accepted.
For the 182-day bill, bids amounted to GH¢781.43 million, of which GH¢726.43 million was taken up. The 364-day bill recorded bids of GH¢726.43 million, all of which were accepted.
Meanwhile, interest rates rose across the yield curve. The 91-day bill yield edged up by one basis point to 11.09 percent. The 182-day bill climbed to 12.52 percent, from 12.43 percent the previous week. The 364-day bill increased by three basis points to 12.94 percent.
Auction Summary
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
|---|---|---|
| 91-Day Bill | 2.449bn | 2.447bn |
| 182-Day Bill | 781.43m | 726.43m |
| 364-Day Bill | 726.43m | 726.43m |
| Total | 3.957bn | 3.897bn |
| Target | 3.306bn | — |
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