T-bills auction: Government rejects GH¢10.865bn, interest rates plummet to 24%

The government rejected GH¢10.865 billion in bids for treasury bills despite record demand.

Overall, the Treasury received GH¢20.49 billion in bids a 140.5% oversubscription yet accepted only GH¢9.634 billion, exceeding its target of GH¢7.72 billion.

The 364-day bill attracted the highest bids, totaling GH¢8.11 billion (39.56% of total bids), of which around GH¢3.9 billion were accepted.

The 91-day bill saw GH¢7.38 billion in bids (36.02%), with just over GH¢4.2 billion accepted, while the 182-day bill received GH¢5 billion in bids and accepted approximately GH¢1.43 billion.

Additionally, yields on all bills dropped significantly, lowering the government’s borrowing costs.