The government has once again surpassed its Treasury bill target, raising GHS 514 million more than planned in the latest auction.
According to auction results from the Bank of Ghana, the government sought to raise GHS 8.26 billion but received total bids of GHS 8.77 billion, resulting in an oversubscription of 6.22%.
All GHS 6.2 billion tendered for the 91-day Treasury bill was accepted. The 182-day bill attracted bids totaling GHS 1.83 billion, with GHS 1.80 billion accepted. Meanwhile, the 364-day bill received bids of GHS 1.2 billion, but only GHS 746 million was accepted.
Interest rates on Treasury bills continue to decline, averaging between 15% and 18%. The 91-day bill dropped by 186 basis points to 15.88%, while the 182-day bill fell by 204 basis points to 16.93%. The 364-day bill also saw a 101 basis points decline, settling at 17.98%.
However, the pace of rate decline appears to be slowing as the government works to reduce borrowing costs.
For the next auction, the Treasury aims to raise GHS 6.14 billion.
READ ALSO: