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Investor confidence in Treasury bills (T-bills) remains high, as the government continues to exceed its borrowing targets in the money market.
The latest auction results from the Bank of Ghana indicate that the government secured GHS 9.6 billion in bids last week, significantly surpassing its initial target of GHS 7.73 billion by 165%.
However, authorities rejected bids exceeding GHS 10 billion.
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For the 91-day and 182-day T-bills, investors submitted bids worth GHS 7.38 billion and GHS 5 billion, respectively. The government accepted GHS 4.23 billion for the 91-day bill and GHS 1.43 billion for the 182-day bill.
Meanwhile, the 364-day bill saw bids totalling GHS 8.11 billion, with GHS 3.96 billion accepted.
Despite the oversubscription, yields on short-term government securities experienced a decline. The 91-day and 182-day T-bill rates dropped to 24.47% and 25.38%, down from 26.85% and 27.80%, respectively. Similarly, the 364-day bill rate fell to 27.29% from 29.07%.
Looking ahead, the government aims to raise an additional GHS 6.49 billion in debt on Friday, February 28, 2025. Market watchers anticipate continued investor interest, even as rates adjust to evolving market conditions.
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