Following the successful completion of the Domestic Debt Exchange Programme last week, government Treasury bills sale was significantly oversubscribed by about 82% to the tune of ¢3.10 billion.

However, ¢2.75 billion was accepted.

The government was seeking to raise ¢1.708 billion from this issuance.

According to the auction result published by the Bank of Ghana, the 91-day T-bill was hugely patronised with an uptake of about ¢2.32 billion.

A little over ¢2.51 billion was however tendered by the investors largely banks.

For the 182-day T-bill, about ¢595 million was tendered, but the government accepted ¢435.19 million.

Since the treasury market has become the only source of financing for government, investors are increasing their appetite for the short-term securities.

Meanwhile, interest rates on the yield curve fell marginally though remained high.

Whilst the 91-day T-bill retreated to 35.66%, that of the 182-day bill went for 35.71%.

Credit; myjoyonline