Government’s treasury bill auction target of GH¢2,532 million received GH¢2,962 million bids more from the 17 licensed primary dealers authorized to participate in the wholesale auction of the Government’s short-term debt securities by the Central Bank.
Total bids made by primary dealers amounted to GHS 5,605 million of which GH¢5,494 million was accepted by the Treasury.
The GH¢5,494 million accepted bids was detailed in the BoG auction results following the Central Bank’s post-auction meeting with the Central Securities Depository (CSD) and the Finance Ministry.
The GH¢5,494 million bids accepted by the Treasury imply a 116.9% oversubscription rate above the initial GH¢2,532 million target.
This is despite the reduction in yields across the three tenors – 91–Day, 182-Day, and 364-Day.
Among the various tenors, the 91-day Bill attracted the highest number of subscriptions, followed by the 182-Day Bill and the 364-Day Bill.
The auction yields settled at averages of 28.59% for the 91-Day Bill and 31.09% for the 182-Day Bill with both declining by 60bps and 65bps respectively compared to the average rates for the previous auction.
The 364-Day bill also saw a yield decline of 55bps to settle at 31.79%.
Looking ahead to the next auction, the treasury aims to raise some GHS 2,861 million through the issuance of the 91,182, and 364 Day bills to cater for impending maturities.