T-bills auction: Government achieves 25% oversubscription; interest rates up for 5th month running

Interest rates surged for the 5^th month running despite government recording 25.7% oversubscription of treasury bills auction.

According to auction results from the Bank of Ghana, total bids tendered for the short term securities were estimated at about ¢3.25 billion.

The government however accepted about ¢3.09 billion of the total bids.

According to the figures from the Central Bank, ¢2.143 billion of the total bids came from the 91-day bill, but the government accepted 2.114 billion.

For the 182-day bill, the bids tendered were estimated at ¢674.64 million.

However, the government accepted about ¢548.72 million.

All of the ¢433.28 million offered for 364-day bill were accepted by the government.

Meanwhile, interest rates on the 364-day bill shot up by 0.33% to 32.50%.

The 91-day bill also went up to 28.50% from the 28.12% the previous week. That of the 182-day bill also reached 30.67%, from 29.93% previously.