EconomyHow To Spend

Government Achieves 59% Oversubscription as Interest Rates for T-Bills Plummet to 28.29%

1 Mins read

Government Achieves 59% Oversubscription as Interest Rates for T-Bills Plummet to 28.29%

Interest rates fell for the fifth consecutive week on the yield curve, according to results of treasury bills auction by the Bank of Ghana.

This follows an expected ease in January 2024 inflation.

The falling interest rates is also expected to help reduce the cost of the government’s domestic debt marginally.

The rate on the 91-day bill went down by 30 basis points to 28.29%.

That of the 182-day bill also took a nose dive to 30.79% from the previous week’s 31.09%.

The one-year bill also dropped to 31.39% from the preceding week’s 31.79%.

Meanwhile, demand for T-bills remained high as the government secured GH¢4.52 billion from the sale of the short-term securities. This represented about 58.26% oversubscription.

The majority of the bids came from the 91-day bill in which the uptake was GH¢1.914 billion. This was approximately 42.27%.

The 364-day bill followed suit with a subscription of GH¢1.402 billion. All the bids were accepted.

The 182-day bill also saw bids worth GH¢1.211 billion tendered. All the bids were accepted.

SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)
91 Day Bill1.914 billion1.914 billion
182 Day Bill1.211 billion1.211 billion
364 Day Bill1.402 billion1.402 billion
Total4.527 billion4.527 billion
Target2.861

 

Source: Joy News
See also  Fitch downgrades Ghana to further ‘junk’ status
Related posts
AsiaChinaEconomyfinanceGlobal 360

HSBC's Pre-Tax Profits Soar as High Interest Rates Drive Growth

1 Mins read
HSBC’s Pre-Tax Profits Soar as High Interest Rates Drive Growth Europe’s biggest bank, HSBC, has posted an almost 80% jump in its…
AmericaAsiaAustraliaEconomyGlobal 360

25 Largest Economies Set to Dominate the World by 2100

9 Mins read
25 Largest Economies Set to Dominate the World by 2100 In this article, we will look into the 25 largest economies in…
EconomyMatters ArisingNigeriaSurveillance Africa

Economic Turmoil: Africa's Largest Economy Grapples with Currency Crisis and Soaring Inflation

3 Mins read
Economic Turmoil: Africa’s Largest Economy Grapples with Currency Crisis and Soaring Inflation With annual inflation nearing 30% and a currency in freefall,…

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *