An incredible 314% oversubscription of GH¢20.9 billion in treasury bills was observed in Ghana.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Government of Ghana recorded an astonishing 314% oversubscription of treasury bills to the tune of GH¢20.9 billion.

It, however, accepted GH¢10.64 billion of the bids as against a target of GH¢5.43 billion.

This is the first time in two months that the government has registered an oversubscription of the short-term instrument, but in grand style.

Meanwhile, interest rates continued to decline, reducing the government’s cost of borrowing in the domestic market. The recent auction results show the following:

• 91-day bill:

    – GH¢13.77 billion tendered (65.6% of total bids)

    – GH¢5.64 billion accepted

• 182-day bill:

    – GH¢4.22 billion tendered

    – GH¢2.98 billion accepted

• 364-day bill:

    – GH¢2.98 billion tendered

    – GH¢2.00 billion accepted

Source: newsthemegh.com