Government accepts GH¢1.77 billion of GH¢2.93 billion T-bill bids

The government has accepted GH¢1.77 billion out of GH¢2.93 billion worth of bids submitted by investors at the latest Treasury bill auction. Investors offered about GH¢685 million more than the government’s target of GH¢2.24 billion, but the Treasury accepted only GH¢1.77 billion. This means the government rejected about GH¢1.15 billion, or 39%, of the total bids submitted. The 91-day Treasury bill attracted the highest demand, with investors submitting GH¢2.22 billion in bids. However, the government accepted only GH¢1.39 billion, rejecting about GH¢821 million. How Kasapreko's GSE listing added $174 million to Adjei family wealth For the 182-day bill, investors offered GH¢235.19 million, of which GH¢153.59 million was accepted. The 364-day bill received GH¢474.85 million in bids, while the government accepted GH¢224.35 million. The 91-day bill remained the most popular among investors, indicating a preference for shorter-term investments. Meanwhile, interest rates on all three Treasury bills continued to fall. The rate on the 91-day bill dropped by four basis points to 4.64%, while the 182-day bill fell from 6.67% to 6.31%. The rate on the 364-day bill also declined by three basis points to 9.80%. The lower rates mean investors are earning less interest on Treasury bills compared with previous auctions. EXPLAINER: How criminals use real estate to hide illegal wealth Databank Research expects demand for Treasury bills to remain relatively low at the next auction. However, it expects the government to receive enough bids to meet its borrowing needs, with interest rates likely to remain fairly stable. DR/MA Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong? Source: www.ghanaweb.com
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