Momentum on the money market continues to persist, with investors displaying heightened interest in T-bills.
This comes as the Government once again exceeded its Treasury bill target, surpassing it by GHS 1. 9 billion and rejected over 10 billion bids last week.
The latest auction results from the Bank of Ghana reveal that while the government aimed to raise GHS 7.73 billion, it received bids totaling GHS 9.6 billion significantly exceeding the auction target by 165%.
For the 91-day and 182-day T-Bills, bids amounted to GHS 7.38 billion and GHS 5 billion, with the Government accepting GHS 4.23 billion and GHS 1.43 billion, respectively. Bids for the 364-day bill reached GHS 8.11 billion, of which GHS 3.96 billion was accepted.
Despite the strong demand, interest rates on the short-term instruments declined. The 91-day and 182-day T-Bill rates fell to 24.47% and 25.38%, down from 26.85% and 27.80%, respectively. The 364-day bill also saw a drop in its interest rate 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.