The Treasury
market saw its fourth consecutive week of rising interest rates as the
government sought more funds to cover its short-term liabilities.
According to the
Bank of Ghana’s latest auction, rates increased across the yield curve.
The 91-day
T-bill rose by 0.07% to 19.96%, while the 182-day bill increased by 0.10% to
22.57%.
The one-year
bill also rose to 27.26% from the previous week’s 26.90%.
Meanwhile, the
government secured GH¢2.53 billion from the sale of short-term instruments,
which was an oversubscription of approximately 29.6% of the targeted amount of
GH¢1.958 billion.
Some analysts
fear that the rising interest rates may impede the government’s efforts to
reduce deficit financing in the coming years.
At the auction,
the majority of bids, totalling GH¢2.048 billion, were placed on the 91-day
T-bill, and all were accepted for the second week in a row.
Commercial banks
mainly submitted the GH¢346.60 million bids received for the 182-day bill, but
only GH¢339.54 million were accepted.
Finally, the
364-day bill had GH¢143.21 million in bids accepted.
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