Government rejects GH¢629 million in T-bill bids despite strong demand

The government has rejected about GH¢629 million in treasury bill bids, even though investors offered more money than it planned to borrow at its latest auction.

Investors submitted bids worth about GH¢2.55 billion, exceeding the government’s target of GH¢2.45 billion by 4.12%.

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However, the government accepted only about GH¢1.92 billion, meaning it borrowed less than planned.

The 91-day treasury bill received the most interest, attracting bids worth about GH¢1.51 billion. The government accepted GH¢1.23 billion of that amount.

For the 182-day bill, investors offered about GH¢423.74 million, while the government accepted GH¢395.74 million.

The 364-day bill attracted bids worth about GH¢613.83 million.

Meanwhile, the interest rate on the 91-day bill dropped slightly from its previous level to 4.54%. This means investors buying the bill will earn a little less than before.

The 182-day bill offered an interest rate of 6.26%, while the 364-day bill offered 9.60%.

Although investors showed strong interest in the treasury bills, the government chose to borrow about GH¢530 million less than its target.

DR/MA

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