In a noteworthy turn of events following the December 7 general elections, the government of Ghana has reported a remarkable 19.75% oversubscription of treasury bills. Apexnewsgh reports
This surge in demand comes just a week after President-elect John Dramani Mahama secured victory, reflecting a growing sense of investor confidence in the nation’s economic stability.
The Bank of Ghana’s latest auction results revealed that the government successfully raised GH¢8.20 billion from the sale of treasury bills, far exceeding the initial target, with all bids accepted. The appetite for short-term government securities soared, demonstrating a renewed faith in the country’s financial future.
Among the various treasury bills, the 91-Day T-Bill emerged as the most popular, attracting a substantial GH¢6.740 billion, which accounted for an impressive 82.1% of total bids. Meanwhile, the 182-Day T-Bill attracted GH¢951.67 million, and the 364-Day T-Bill saw bids totaling GH¢508.15 million.
Interest rates have followed suit, climbing closer to the 30% mark. The yield on the 91-Day T-Bill rose by 17 basis points to reach 27.77%. Similarly, the 182-Day bill’s rate increased to 28.49%, up from the previous week’s 28.32%. The 364-Day T-Bill also recorded a slight gain of 3 basis points, bringing its yield to 29.94%.
This oversubscription reflects heightened interest among investors in Ghana’s short-term debt instruments, a trend that has been amplified by the peaceful transition of power and optimistic expectations for sound fiscal management under the incoming Mahama administration.
As Ghana prepares for a new chapter in its economic governance, this robust performance in the treasury bills market sets a positive tone for the Mahama administration, further demonstrating the market’s trust in the country’s economic direction.
Source: Apexnewsgh.com
