T-bills auction: Interest rates up for 33rd consecutive week; government records 16.80% oversubscription

Interest rates on the money market went up for the 33^rd consecutive week.

However, the government recorded a 16.80% oversubscription of the Treasury bills sale to the tune of ¢2.620 billion.

According to the auction results from the Bank of Ghana, the yields sustained their upward trend.

This will increase the government’s interest payment.

The 91-day bill increased by 0.29% to 29.19%, while the 182-day expanded by 0.21% to 31.42%.

The 364-day bill also advanced to 33.21% from 33.01%.

Meanwhile, the government accepted ¢2.610 billion of the total bids though the target for the offer was ¢2.243 billion.

The proceeds from the auction will however be used to refinance maturing bills of ¢2.09 billion.

A chunk of the offer came from the 91-day T-bill. About ¢2.296 billion were tendered but ¢2.102 billion were accepted. For the 182-day bill, the government accepted almost all the bids worth ¢324.09 million.

All the bids of ¢183.66 million were also accepted for the 364-day bids.