Treasury bills saw an astounding 264% oversubscription, according to the government.

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

The Government of Ghana recorded a remarkable 264% oversubscription of treasury bills a day after the finance minister, Dr. Cassiel Ato Forson, presented the Mid-Year Budget Review to Parliament.

According to data from the Bank of Ghana, demand for short-term instruments reached its all-time high as investors submitted bids worth GH¢28.096 billion.

The government accepted GH¢15.160 billion of the bids as against a target of GH¢7.701 billion. About GH¢13 billion of the bids tendered, representing about 47.8%, came from the 91-day bill.

The uptake was GH¢5.078 billion. A little over GH¢8.719 billion was also tendered for the 182-day bill.

However, GH¢5.723 billion was accepted. For the 364-day bill, GH¢5.941 billion was tendered. About GH¢4.3 billion was accepted. Meanwhile, interest rates tumbled significantly across the yield curve.

Source: newsthemegh.com