Government bags GH¢5 billion from T-bills auction

Demand for treasury bills surged as interest rates fell in the money market, according to the latest Bank of Ghana auction results.

The government successfully raised nearly GH¢5 billion from the sale of T-bills, resulting in a significant oversubscription of about 33.8%. The majority of bids were for the 91-day bill, with GH¢3.825 billion tendered and accepted.

The 182-day bill attracted GH¢822.39 million, and the 364-day bill received GH¢272.62 million in bids, with all bids accepted for both maturities.

Despite the oversubscription, interest rates continued to decline. The yield on the 91-day T-bill decreased by approximately 25 basis points to 25.0%.

The interest rate for the 182-day bill also dropped to 26.99%, down from the previous week's 27.39%.

However, the yield on the 364-day bill remained relatively unchanged at 27.99%.