Government surpasses treasury bill target by GH¢550m

The Government of Ghana has surpassed its Treasury bill target by GH¢550 million. This information comes from the latest auction results by the Bank of Ghana.

Initially, the Treasury aimed to raise GH¢6.14 billion. However, total bids submitted reached GH¢7.26 billion. The government rejected bids totaling GH¢570.64 million despite this oversubscription.

In detail, GH¢5.32 billion in bids were made for the 91-day bill. Of these, GH¢5.21 billion was accepted.

The 182-day bill attracted GH¢1.56 billion in bids, with GH¢1.29 billion accepted. For the 364-day bill, GH¢381 million was tendered, but only GH¢192 million was accepted.

Interest rates across the yield curve remained steady. Average rates ranged between 15% and 18%. The yield on the 91-day bill fell slightly to 15.32%, down from 15.45%.

The yield on the 182-day bill decreased to 16.03%, down from 16.18%. The yield on the 364-day bill dropped to 18.37%, down from 18.62%. These trends show ongoing efforts to lower borrowing costs.

Looking ahead, the Treasury plans to raise GH¢6.32 billion in its next auction.