Treasury bills oversubscription yields continue to fall

The latest auction results from the Bank of Ghana (BoG) show that the government fell short of its treasury bills target by GH¢393 million, reflecting a 5.19% undersubscription.

The government aimed to raise GH¢7.58 billion but received total bids of GH¢7.19 billion, a sharp drop compared to selective acceptance recorded in previous auctions.

The treasury bills took up nearly all available bids in this round, particularly in the shorter tenors, likely in response to upcoming high maturities.

All GH¢6.02 billion tendered for the 91-day bill was accepted, along with the full GH¢995 million for the 182-day.

For the 364-day, GH¢173 million out of GH¢204 million in bids was accepted.

Meanwhile, interest rates continued to decline across the curve.

The 91-day rate dropped by 9 basis points to 14.70%, the 182-day fell by 21 basis points to 15.25%, while the 364-day eased by 6 basis points to 15.74%.

SP/VPO

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