T-Bills: Government rejects GH¢10.865bn, interest rates plummet to 24%

The government rejected GH¢10.865 billion worth of bids tendered for treasury bills as demand for short-term instruments surged to a record high.

The Treasury recorded a 140.5% oversubscription, receiving bids totaling GH¢20.49 billion. However, it accepted GH¢9.634 billion, surpassing its target of GH¢7.72 billion.

The 364-day bill attracted the highest bids, estimated at GH¢8.11 billion, representing 39.56% of the total. A little over GH¢3.9 billion was accepted.

For the 91-day bill, about GH¢7.38 billion—36.02% of the total bids—were tendered, with slightly over GH¢4.2 billion accepted.

The 182-day bill also saw bids worth approximately GH¢5 billion, out of which GH¢1.43 billion was accepted.

Meanwhile, interest rates declined, reducing the government’s borrowing costs.

The yield on the 91-day bill fell by 238 basis points to 24.47%, while the 182-day bill declined from 27.80% to 25.38%.

Similarly, the 364-day bill dropped by 178 basis points to 27.29%.