Ghana’s Treasury secured GH¢12.83 billion in last week’s oversubscribed auction, exceeding its GH¢9.83 billion target by GH¢2.97 billion
Bank of Ghana data reveals total bids for the 91-day, 182-day, and 364-day bills hit GH¢15.91 billion, with GH¢12.83 billion accepted. This yielded a 61.95% oversubscription rate—the ninth straight week of strong demand, signalling robust investor faith in short-term government securities.
The 364-day bill led the pack, drawing GH¢7.45 billion in bids and GH¢5.07 billion accepted. The 182-day bill saw GH¢4.29 billion in demand, nearly all taken at GH¢4.28 billion, while the 91-day bill attracted GH¢4.16 billion, with GH¢3.44 billion absorbed
Analysts point to the 364-day bill’s appealing yields as the draw, especially amid hopes for upcoming monetary policy easing. Investors seem eager to secure current rates before potential cuts.
Rates showed mixed movement: the 91-day bill held steady at 11.19%, the 182-day ticked up 2 basis points to 12.66% (from 12.64%), and the 364-day jumped 8 basis points to 13.06% (from 12.98%).
Next week, the Treasury targets GH¢6.99 billion across the same maturities.
Story by: Mercy Addai Turkson #ahotoronline.com