Sale of T-Bills dawdles as ¢686.4m secured from latest auctioning

Sale of Treasury bills has dawdled, despite being oversubscribed by 8.9%.

According to the recent auctioning by the Bank of Ghana, government secured a little above ¢686 million

This is coming a day after the 2-year Treasury bond was undersubscribed by about 15%.

There had been some fluctuations in the sale of the short-term securities for some time now. This could have compelled the government to lower the target for the auctioning to ¢630 million cedis.

But it secured a little above ¢686 million in the latest sale.

If the target perhaps has been increased, the government may have missed it. This goes to suggest that liquidity may have tighten on the interbank market or there may be inadequate cash in circulation.

On the other hand, some analysts are urging the government to up the interest rate if it is to attract higher investments.  

According to the auctioning results, government secured ¢475million from the sale of the 91-day T-Bills though it accepted ¢267.3 million.

For the 182-day T-Bills, it got ¢211.38 million.

The interest yield for both three months and six months bills however remained unchanged from the previous trading.  

Securities	Bids Tendered (GH¢)	Bids Accepted (GH¢)	Interest rate
91 Day Bill	475.08 million	267.32 million	12.55%
182 Day Bill	211.38 million	211.38.14 million	13.37%
Total	686.4 million	686.4 million
Target	630 million