The average rate at which government treasury bills sold on the market at last Friday’s auction fell marginally as government recorded only a 3% oversubscription of it’s GH¢ 3.247 Billion target.

Government at the close of Tender 1910 accepted all GH¢ 2.51085 billion, GH¢ 651.11 million and GH¢ 182.68 million worth of bids for the 91, 182 and 364-day bills respectively, raising a total of three billion, three hundred and forty-four million and six hundred and forty cedis (GH¢ 3.34464 bn) at the end of the auction.

The auction results reveal a potential increase in demand for longer term bonds as the GH¢ 182.68 million worth of 364 bids sold is a 184% increase in the value of 364 day bills sold in the week before despite overall bills sold rising by about 12%.

The 91 and 182 day bills sold for an average of 24.7899% & 26.7468% respectively lower than the 24.8677% and 26.8011% it sold for on an average for tender 1909. Average rates for the 364 day t/bills remained unchanged at 27.7878%.

Meanwhile, the Ghana Statistical Service is expected to later this week announce inflationary figures for the month of June which is likely to influence the rate at which the bills sell at this week’s tender 1911. Government at the tender seeks to raise some GH¢ 4.721 billion from the auction.