Ghana Bills Auction Sees Skyrocketing Investor Interest Despite Soaring Rates

Investor interest in government treasuries continued to surge, as the government exceeded its target by 41%. According to auction results by the Bank of Ghana, the total bids accepted were estimated at GH¢10.05 billion cedis, higher than the targeted amount of GH¢7.14 billion. Interestingly, investors bid more for the 364-day bill than the 91-day and 182-day bills. An estimated GH¢4.61 billion was tendered by the investor for the 364-day bill, representing 45.7% of the total bids. However, GH¢4.61 billion of the bids were accepted. For the 91-day bill, GH¢2.75 billion of the bids were tendered. The uptake was GH¢2.74 billion. The 182-day bill saw an estimated GH¢2.71 billion of the bids tendered. The bids accepted were a little over GH¢2.70 billion. Meanwhile, interest rates continued to edge up on the yield curve. The yield on the 91-day bill increased by 2.0 basis points to 11.19%. That of the 182-day bill also went up to 12.64%, from 12.61% the previous week. The yield on the 364-day bill also shot up by 8.0 basis points to 12.98%.