Demand for treasury bills soared on the money market as T-bills were oversubscribed by more than 55%.
However, interest rates continued to surged, increasing the government’s cost of repaying the short-term instruments.
According to action results by the Bank of Ghana, the government got a remarkable GH¢8.075 billion from the sale of the short-term instruments though it was looking for GH¢5.198 billion to refinance the maturing bills.
The government accepted all the bills tendered.
A whopping GH¢5.513 billion came from the 91-day bills, representing 68.27% of the total bids.
About GH¢1.416 billion cedis were also tendered for the 182-day bill.
On the other hand, GH¢1.145 billion were tendered for the 364-day bill.
Meanwhile, interest rates edge further on the yield curve, raising questions about the increasing cost of domestic debt.
The yield on the 91-day bill rose by 14 basis points to 28.33%.
That of the 182-day bill also reached 28.96% from 28.91% the prior week.
Similarly, the interest on the 364-day bill went up by 2 basis points to 30.17%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 5.513bn | 5.5131bn |
| 182 Day Bill | 1.416bn | 1.416bn |
| 364 Day Bill | 1.145bn | 1.145bn |
| Total | 8.075bn | 8.075bn |
| Target | 5.198bn |