The latest auction results from the Bank of Ghana have revealed that the government has exceeded its treasury bill target by GHS 550 million.
The target was set at GHS 6.14 billion, but total bids reached GHS 7.26 billion.
The government, however, rejected GHS 570.64 million in bids despite the oversubscription recorded.
According to the data released by the central bank, for the 91-day bill, GHS 5.32 billion in bids were tendered, with GHS 5.21 billion accepted.
The 182-day bill attracted GHS 1.56 billion in bids, out of which GHS 1.29 billion was accepted. For the 364-day bill, GHS 381 million was tendered, with GHS 192 million accepted.
Interest rates across the yield curve remained relatively stable, averaging between 15% and 18%.
The yield on the 91-day bill dropped to 15.32% from 15.45% the previous week.
The 182-day bill also saw a decline to 16.03% from 16.18%.
The 364-day bill fell to 18.37% from 18.62%.
The continued decline in rates reflects government efforts to lower borrowing costs.
In the next auction, the Treasury plans to raise GHS 6.32 billion.
By: Rainbowradioonline.com/Ghana
