Ghana: Interest rates dropping; government T-bills oversubscribed by 40%
According to the auctioning results by the Bank of Ghana, demand for the 91-day Treasury-bill was very high, pushing the yield down.
Interest rates fell once again as government Treasury bills was oversubscribed by about 40.3% to the tune of ¢3.89 billion.
Following the successful completion of the Domestic Debt Exchange Programme, interest rates on the money market have witnessed a significant fall. From a high of 35%, the rates have eased to about 20% on the average.
The yield on the 91-day bill fell by 0.52% to 18.52%.
At the same time, the 182-day rate also declined to 21.27%, from 22.84% the previous week.
Meanwhile, government accepted ¢3.87 billion of the total bids submitted.
Chunk of the bids, however, came from the 91-day T-bill as ¢2.90 billion was accepted.
For the 182-day bill, the bids submitted were estimated at ¢983.7 million. But ¢972.4 million was accepted.
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
| 91-day | 2.912 billion | 2.906 billion |
| 182-day | 983.77 million | 972.49 million |
| Total | 3.895 billion | 3.879 billion |
| Targeted | 2.775 billion |
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