Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd
The Government of Ghana for the third week running, failed to meet its treasury bills target of GH¢4.63 billion.
According to the auction results by the Bank of Ghana, the government recorded 32.19% undersubscription of its auction target, higher than the previous week.
According to auction results, the government got GH¢3.16 billion as against a target of GH¢ 4.63 billion. It, however, accepted GH¢2.84 billion of the bids.
The most subscribed bill was the 91-day bill, as GH¢2.02 billion of the bids were tendered, representing 63.8% of the total bids. However, the uptake was GH¢1.99 billion.
The 364-day bill recorded bids of about GH¢648 million.
The uptake was GH¢416.93 million. For the 182-day bill, GH¢498.9 million of the bids were tendered. The bids accepted were GH¢416.9 million.
Meanwhile, interest rates continued to increase again on the yield curve.
The yield on the 91-day bill remained relatively unchanged at 4.81%.
That of the 182-day bill also went up to 6.71% from the previous week’s 6.62%.
Similarly, the yield on the 364-day bill inched up by 7.0 basis points to 9.84%.
Source: newsthemegh.com