Government gets over 100% oversubscription in latest treasury bill auction

In this week’s treasury bill auction by the Bank of Ghana, the government secured an oversubscription rate of over 100%.

Surpassing the target of GH¢2.532 billion, the government secured a total of GH¢5.606.92 in the auction held on January 26, 2023.

Last week, the government secured GH¢5.270.38 after it set a target of GH¢3.058 billion.

This week’s bills were oversubscribed by GH¢3.074.92 billion.

Meanwhile, interest rates remain quite high, hovering between 28.59% and 31.79%.

According to the latest auction results from the Bank of Ghana, interest rates for the 91-day and 182-day bills currently stand at 28.59% and 31.09% respectively. For the 364-day bill, interest rates are 31.79%.

Currently, inflation stands at 23.2% signalling some gains for investors.

According to the Bank of Ghana results, all bids tendered in this week’s auction were not accepted.

The 91-day bill saw a total subscription of GH¢2.72 billion, GH¢1.53 billion was accepted from the 182-day bill and GH¢1.234 million was accepted from the 364-day bills.

The government has set its next auction target at GH¢2.861 billion.

SSD/NOQ

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