Momentum in the treasury market persists, with investors showing mild interest in t-bills during the latest money market auction.
Investors submitted bids totalling GH¢3.34 billion, surpassing the GH¢3.24 billion target, according to auction results released by the Bank of Ghana
According to figures from the Bank of Ghana, a chunk of the bids came in from the 91-day bill. Investors tendered GH¢2.51 billion for the 3-month financial instrument, with the government accepting all.
The government also received and accepted total bids worth GH¢651.11 million from investors for the 182–day bill.
For the 364-day bill, the government accepted all the bids tendered worth GH¢182.68 million.
In all, the total amount sold at this auction exceeded the auction target by 3%, as interest rates continued to tumble on the money market averaging between 21 and 23 percent
Meanwhile, analysts believe that the weighted average rates for the week indicate competitive bidding and investor confidence in government securities.
Source: Citinews