The government recorded a 15.8% oversubscription of treasury bills auction after four weeks of missing its target.
This is coming after yields on the shorter end of the treasury market went up.
According to the auction results by the Bank of Ghana, the government received GH¢4.38 billion of the total bids, but accepted GH¢4.36 billion.
A little over 82% of the bids came from the 91-day bill.
About GH¢3.62 billion of the bids were tendered. The uptake was GH¢3.61 billion. For the 182-day bill, GH¢576.7 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢566.7 million.
Also, GH¢187.2 million of the bids were tendered for the 364-day bill. About GH¢182 million of the bids were accepted.
Meanwhile, the yield on the 91-day bill increased by a basis point to 10.42%.
That of the 182-day bill also shot up to 12.41% from 12.37% the preceding week.
However, the yield on the 364-day bill decreased by 2.0 basis points to 12.97%.
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Source: myjoyonline.com
