The demand for treasury bills surged in the money market, with T-bills being oversubscribed by over 55%.
Interest rates kept rising, raising the government’s expenses for repaying short-term instruments.
The Bank of Ghana’s actions led to the government securing an impressive GH¢8.075 billion from the sale of short-term instruments, despite initially seeking GH¢5.198 billion to refinance maturing bills.
The government approved all submitted bills, with an impressive GH¢5.513 billion originating from the 91-day bills, accounting for 68.27% of the total bids.
About GH¢1.416 billion cedis were also tendered for the 182-day bill.
On the other hand, GH¢1.145 billion was tendered for the 364-day bill.
Meanwhile, interest rates edge further on the yield curve, raising questions about the increasing cost of domestic debt.
The yield on the 91-day bill rose by 14 basis points to 28.33%.
Similarly, the interest on the 364-day bill went up by 2 basis points to 30.17%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 5.513bn | 5.5131bn |
| 182 Day Bill | 1.416bn | 1.416bn |
| 364 Day Bill | 1.145bn | 1.145bn |
| Total | 8.075bn | 8.075bn |
| Target | 5.198bn |
