The latest news from the Bank of Ghana is super exciting! The government did an awesome job by collecting more money than it expected from Treasury bills. They got GHS 423.37 million more than they aimed for, which is like hitting a home run after a few strikeouts!
This extra money means they got 7.63% more than they thought they would.
According to the Central Bank, the government accepted a total of GHS 5.97 billion when they were only trying to get GHS 5.55 billion. That’s a lot of cash!
Here’s how it broke down:
- For the 91-day Treasury bill, they received GHS 4.95 billion in bids and accepted GHS 4.58 billion.
- For the 182-day bill, they accepted all GHS 890 million that was offered.
- For the 364-day bill, they accepted GHS 499 million out of GHS 698 million that was bid.
Experts think that the reason for this extra money is that the government’s plans matched what people wanted to invest in. Plus, since the end of the month is a busy time for government spending, more people wanted to get involved.
As people are starting to think that the bond market might open up again, experts believe that the government will keep accepting offers carefully and that interest rates might go down a bit.
Right now, interest rates are on the decline, sitting between 14% and 16%.
Here’s how the rates changed recently:
- The 91-day yield went down by 18 basis points to 14.92%, which is lower than the 15.10% from last week.
- The 182-day rate dropped by 13 basis points to 15.55%.
- The 364-day yield fell by a big 78 basis points to 16.00%.
Looking ahead, the government plans to raise GHS 3.89 billion in their next auction. It seems like they’re on a roll!