T-Bill auction oversubscribed by 77% as investors bid GH¢10.03 billion

Investors submitted GH¢10.03 billion in bids at this week's Treasury bill auction, oversubscribing the government's GH¢5.67 billion target by 77%.

Despite the strong demand, the yield on the 364-day Treasury bill climbed sharply to 12.99%, marking its biggest weekly increase in months.

Bank of Ghana auction results showed that the government accepted GH¢7.38 billion of the bids received, with investors continuing to pile into the one-year instrument despite its rising cost to the state.

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The 364-day bill once again dominated demand, attracting GH¢5.65 billion in bids, more than half of the total amount tendered.

The government accepted GH¢4.53 billion of those bids. Its yield surged by 70 basis points from the previous week, making it the most expensive of the three instruments for the government to service at maturity.

The 91-day bill attracted GH¢2.98 billion in bids, of which GH¢1.80 billion was accepted, even as its yield fell by 10 basis points to 5.86%.

Meanwhile, the 182-day bill received GH¢1.40 billion in bids, with GH¢1.06 billion accepted. Its yield remained unchanged at 7.78%.

DR/SA

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