T-bills auction: Government fails to meet target again, but interest rates decreased marginally

Share this

Investors continued to shift their investments into Bank of Ghana bills and fixed deposits, as they prefer financial instruments with higher returns.

According to auction results by the Bank of Ghana, the government failed to meet its target for the second week running. It was actually undersubscribed by 30%.

The Treasury received GH¢2.59 billion of the total bids, but accepted GH¢2.57 billion.

A little over 78% of the bids came from the 91-day bill. About GH¢2.028 billion of the bids were tendered.

The uptake was GH¢2.023 billion.

For the 182-day bill, GH¢394.4 million of the bids were tendered. This was lower than the bids tendered last week.

The bids accepted were estimated to the tune of GH¢389.4 million.

Also, GH¢170.6 million of the bids were tendered for the 364-day bill. About GH¢165.6 million of the bids were accepted.

Meanwhile, interest rates went down marginally on the yield curve.

The yield on the 91-day bill reduced by 3.0 basis points to 10.47%.

However, that of the 182-day bill decreased to 12.35% from 12.39% the preceding week.

Additionally, the yield on the 364-day bill declined by 2.0 basis points to 12.87%.

 

Source: Myjoyonline.com


Share this

Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

Leave a Reply

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.