The government reported that the sale of its Treasury bills was oversubscribed.

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

For the fourth week, the government recorded an oversubscription of its treasury bills sale.

The target for the auction was estimated at GH¢3.7 billion, but the government received GH¢5.6 billion, about 47.7% oversubscription.

It however accepted GH¢5.3 billion of the total bids.

A little over 45% of the bids came from the 91-day bill. 

About GH¢2.5 billion of the bids were tendered. The uptake was GH¢2.3 billion. For the 182-day bill, GH¢1.52 billion of the bids were tendered.

The bids accepted were estimated to the tune of GH¢1.45 billion. Also, GH¢1.538 billion of the bids were tendered for the 364-day bill.

GH¢1.533 billion of the bids were accepted. Meanwhile, interest rates declined across the yield curve.

Source: newsthemegh.com