The government has raised GHS 514 million more than it had planned, surpassing its Treasury bill target once more.
According to the Bank of Ghana’s most recent auction results, total bids totaled GHS 8.77 billion, compared to the aim of GHS 8.26 billion.
This amounts to a 6.22 percent oversubscription.
For the 91-day Treasury bill, the entire GHS 6.2 billion that was offered was approved. The 182-day bill received bids totaling GHS 1.83 billion, of which GHS 1.80 billion was approved. GHS 1.2 billion was tendered for the 364-day bill, however only GHS 746 million was approved.
Treasury bill interest rates are still falling, averaging 15% to 18%. While the 182-day bill slid 204 basis points to 16.93%, the 91-day bill plummeted 186 basis points to 15.88%. The 364-day bill ended the day at 17.98%, down 101 basis points.
As the government looks to lower borrowing costs, the rate decline seems to have paused.
The Treasury hopes to generate GHS 6.14 billion at the next auction.
