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T’ Bills now selling at 31%

Adnan Adams Mohammed

Investors in Treasury Bills (T’Bills) are happily cashing-in on the 182-Days Bills as it is now trading at 31.05 percent as at, last week, September 10, 2022.  

The auction results as released by the Bank of Ghana indicate that government exceeded its target for the 13th week running. But, this comes with at a higher repayment cost. The sales were oversubscribed by 35% to the tune of GH¢2.287 billion.

The continuous rise T’Bills rate, one of the most secured and risk free investment, will likely affect commercial banks loan’s to domestic borrowers as most of the banks will prefer to invest their deposits taking in a secured, yet, with high returns. Since inflation begun rising about five months ago, interest rates have been escalating consistently to compensate investors.

“The 91-day Treasury bill went for 29.48%, compared to 29.04% the previous week, whilst the 182-Day T-bill traded at 31.05%, as against 30.22% the earlier week”, the auction results captured.

Although, investors showed more interest in the 3-months bill that of the 6 months bill also witnessed significant interest this time around.  

GH¢860.92 million worth of the bids came from the 182-day bill. ¢815.70 million were however accepted.

For the 91-day bill, ¢1.427 billion of the bids were tendered in, but ¢1.410 billion were accepted.

The target for this auction was ¢1.682 billion.

  Securities Bids Tendered (GH¢) Bids Accepted (GH¢)

  91 Day Bill  1.427  billion 1.410 billion

182 Day Bill  860.92 million 815.70 million

Total 2.287 billion 2.225 billion

Target 1.682 billion

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