Investor appetite for short-term Government of Ghana securities weakened for the first time in several months, according to the latest auction results from the Bank of Ghana.
The government’s treasury bill sale was undersubscribed by 25.4%, with bids totaling GH¢3.7 billion against a target of GH¢5.0 billion. Of this, the government accepted GH¢3.26 billion.
The 91-day treasury bill remained the most popular, attracting GH¢2.23 billion in bids, or 59.8% of the total tendered. However, only GH¢1.76 billion of these bids were accepted.
For the 182-day bill, GH¢667.12 million was tendered, and all bids were accepted. Similarly, the 364-day bill received GH¢831.41 million in bids, with the full amount accepted.
Meanwhile, yields across the treasury bills edged higher. The 91-day bill yield rose by 7 basis points to 4.78%, while the 182-day bill increased to 6.36% from 6.28% the previous week. The 364-day bill saw the steepest rise, climbing 18 basis points to 9.58%.
The latest figures suggest a cautious mood among investors, even as the government continues to tap the market for short-term funding.
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Source: Wesleyannews.com
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