T-bill auction gets 19.58% oversubscription, interest rates at 26.4%

Despite increasing interest rates, the government’s latest treasury bills auction saw an oversubscription of 19.58%.

The auction raked in a total of GH¢2.13 billion from the 91-day and the 182-day bills.

The results from the Bank of Ghana showed that all the bills tendered during the auction were accepted.

Interest rates have risen to 24.68% for the 91-day bill and 26.4% for the 182-day bill.

The target for the auction was GH¢1.778 billion.

Meanwhile, no bids were tendered for the 364-day bills.

The 91-day bill accepted bids worth GH¢1.81 billion whiles the 182-day bill accepted GH¢313.59 million.

However, the government has set an ambitious target of GH¢2.664 billion for its next auction despite rising interest rates.

SSD/NOQ

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