Sale of Treasury bills remained slow, despite being oversubscribed by 8.9%.
According to latest auctioning by the Bank of Ghana, government secured a little above ¢686 million
This is coming a day after the 2-year Treasury bond was undersubscribed by about 15%.
There had been some fluctuations in the sale of the short term securities for some time now. This could have compelled the government to lower the target for the auctioning to ¢630 million cedis.
But it secured a little above ¢686 million in the latest sale.
If the target perhaps have been increased, the government may have missed it. This goes to suggest that liquidity may have tighten on the interbank market or there may be inadequate cash in circulation.
On the other hand, some analysts are urging the government to up the interest rate if it is to attract higher investments.
According to the auctioning results, government secured ¢475million from the sale of the 91-day T-Bills though it accepted ¢267.3 million.
For the 182-day T-Bills, it got ¢211.38 million.
The interest yield for both three months and six months bills however remained unchanged from the previous trading.
|Securities||Bids Tendered (GH¢)||Bids Accepted (GH¢)||Interest rate|
|91 Day Bill||475.08 million||267.32 million||12.55%|
|182 Day Bill||211.38 million||211.38.14 million||13.37%|
|Total||686.4 million||686.4 million|