Tbills

The government registered a marginal oversubscription of treasury bills auction to the tune of GH¢3.60 billion. According to the auction results by the Bank Ghana, the government recorded 1.38% oversubscription of the T-bills sale. Liquidity has been very tight on the money market for some time now. Per the results of the auction, investors showed more interest in the 91-Day bill than the other financial instruments. About GH¢2.761 billion, representing 76.61% came from the 3.0 months instrument. The uptake was the same as the bids tendered. For the 182-Day bill, GH¢660.62 million of the bids were tendered and all were…

The government saw a 19.4% oversubscription in its treasury bills auction, signalling a resurgence in demand for short-term instruments. According to the Bank of Ghana’s auction results, interest rates have remained stable. The auction raised GH¢5.256 billion from the sale of these short-term instruments. The bulk of the bids were for the 91-day T-bills, with GH¢3.39 billion—accounting for 64.67% of the total—being tendered. All bids were accepted for the 91-day T-bills. Similarly, GH¢1.689 billion was raised from the 182-day bills, with all submitted bids accepted. For the 364-day bills, GH¢167.05 million worth of bids were tendered and all were accepted.…

The government borrowed GH¢19.90 billion through treasury bills in March 2024. This was 17% lower than that of February 2024. Part of the proceeds were used to refinance maturities worth GH¢14.47 billion. Importantly, the yields remained on the downward trend, with the 91-day,182-day and 364-day closing at 26% (128 basis points lower), 28.5% (-125 basis points), and 29.1% (-120 basis points) respectively. Analysts expect a sluggish pace in the decline of yields for April 2024, due to the slowed disinflation process and the recent increase in the Cash Reserve Ratio for banks with loan-deposit-ratios below 55%. Last week, the demand…

Interest rates fell for the fifth consecutive week on the yield curve, according to results of treasury bills auction by the Bank of Ghana. This follows an expected ease in January 2024 inflation. The falling interest rates is also expected to help reduce the cost of the government’s domestic debt marginally. The rate on the 91-day bill went down by 30 basis points to 28.29%. That of the 182-day bill also took a nose dive to 30.79% from the previous week’s 31.09%. The one-year bill also dropped to 31.39% from the preceding week’s 31.79%. Meanwhile, demand for T-bills remained high…

Interest rates fell for the fifth consecutive week on the yield curve, according to results of treasury bills auction by the Bank of Ghana. This follows an expected ease in January 2024 inflation. The falling interest rates is also expected to help reduce the cost of the government’s domestic debt marginally. The rate on the 91-day bill went down by 30 basis points to 28.29%. That of the 182-day bill also took a nose dive to 30.79% from the previous week’s 31.09%. The one-year bill also dropped to 31.39% from the preceding week’s 31.79%. Meanwhile, demand for T-bills remained high…