Investor demand for government securities remained strong, with the government exceeding its treasury bills target by 246%, despite issuing a reduced target of GH¢4.9 billion.
Auction results released by the Bank of Ghana showed that total bids submitted amounted to approximately GH¢17.2 billion, of which the government accepted GH¢5.8 billion.
The 364-day bill attracted the highest interest, accounting for about 40.2% of total bids, with GH¢6.9 billion tendered. Out of this amount, GH¢2.0 billion was accepted.
For the 91-day bill, bids totalled GH¢6.5 billion, with the government taking up GH¢2.5 billion. Meanwhile, the 182-day bill recorded GH¢3.7 billion in bids, of which slightly over GH¢1.3 billion was accepted.
Interest rates declined significantly across all maturities, reflecting the alignment of yields with the recent policy rate cut.
The yield on the 91-day bill fell by 86 basis points to 9.96%, while the 182-day bill declined to 11.81% from 12.38%. Similarly, the 364-day bill yield dropped by 76 basis points to 12.06%.
The sharp drop in yields underscores strong investor confidence and continued demand for government instruments amid easing monetary conditions.
Source: joynews
