T-bills slightly oversubscribed despite rising interest rates

The Government of Ghana has recorded a slight oversubscription in its latest treasury bills auction, despite rising interest rates.

According to auction results from the Bank of Ghana, the government secured GH¢4.195 billion from the sale of short-term debt instruments, surpassing its target of GH¢4.035 billion.

All bids submitted were accepted.

Notably, about 83% of the bids—roughly GH¢3.52 billion—were for the 91-day treasury bill, while GH¢545.83 million was tendered for the 182-day bill.

Meanwhile, bids for the 364-day bill totalled GH¢128.52 million.

Interest rates continued their upward trend for the second consecutive week, with yields rising across the board.

The 91-day bill rate increased by 33 basis points to 25.94%.

The yield on the 182-day bill edged up to 27.03%, compared to 26.90% the previous week, while the rate on the 364-day bill climbed by 15 basis points to 28.73%.