Investor interest in T-bills soars; government secures ¢1.83bn

Investor interest in Treasury bills continue to soar, as they take advantage of rising interest rates in the Treasury market.

Latest auctioning by the Bank of Ghana indicates that T-bills auction was oversubscribed for the 11th consecutive week by 56%, largely due to the high yields.

Indeed, interest rates on the yield curve continued to rise as investors focused on the short-term securities in the primary market for re-pricing benefits.

This has boosted liquidity in the market.

However, the yields are still lower than the current inflation rate of 31.7%, indicating that the real return on Treasury securities for investors is still negative.

Whilst the 91-day T-bill went for 28.6%, from the previous week’s 27.7%, that of the 6-month traded at 29.94%, compared with 29.2% the past week.

The one-year bill however went for 29.5% lower than the six months bill.

Meanwhile, government secured ¢1.83 billion from the sale of the short term securities, against a target of ¢1.16 billion.

The majority of the amount raised was from the 91-day T-bills. 1.3 billion was mobilized from the three months bill.

Ghana’s debt-to-Gross Domestic Product is expected to exceed 81% in 2022.

SecuritiesBids Tendered (GH¢)Bids Accepted (GH¢)Interest rate
91 Day Bill 1.391 billion 1.391 billion28.6%
182 Day Bill378.96 million378.96 million29.94%
364-Day Bill60.89 million   56  million                  29.5%
Total1.831 billion1.791 billion 
Target823 million

Source :

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