Interest rates have begun recording some relative stability, following the government’s decision to get economic support from the International Monetary Fund.
At the same time, the government achieved 75% oversubscription of the weekly Treasury bills sale.
It’s welcoming that interest rates have begun stabilising after weeks of consistent increase.
This indicates that the economic assistance being sought from the IMF by the government will impact positively on the economy.
It is expected that liquidity will improve in the market, in the coming weeks.
According to the auctioning results by the Bank of Ghana, the interest rate on the 91-day Treasury bills stood at 25.88%, compared with 25.6% a week ago.
That of the 91-day T-bills was also pegged at 26.55%, as against 26.4% the previous week.
Meanwhile, the government achieved an oversubscription of 75% from the sale of the short-term instruments.
It secured ¢926.5 million, from a target of ¢529 million.
Chunk of the amount was mobilised from the 91-day T-bills.
|Securities||Bids Tendered (GH¢)||Bids Accepted (GH¢)||Interest rate|
|91 Day Bill||649.86 million||597.76 million||25.88%|
|182 Day Bill||276.65 million||229.77 million||26.55%|