The government recorded 75% oversubscription of treasury bills to the tune of GH¢6.78 billion.
This is despite interest rates going down.
According to the auction results, the government accepted GH¢5.48 billion of the total bids tendered by the investors.
The majority of the bids came from the 91-day bill.
A little over GH¢4.8 billion, representing 71% of the bids were tendered for the 3-months bill. The uptake was GH¢4.320 billion.
For the 182-day bill, GH¢1.156 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢823.28 million.
On the other hand, GH¢774.65 million were tendered for the 364-day bill. About GH¢343 million were tendered.
Meanwhile, the yield on the 91-day bill went down by 54 basis points to 10.29%.
That of the 182-day bill also fell to 12.35% from 13.22%.
Source: Joy Business