'Rejected T-bills' resold at 24.16%
Maxwell Akalaare Adombila
Business News
The government has reauctioned last week's Treasury bills (T-bills) at 24.16 per cent in what could be a new dawn to lower interest rates in the country.
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The results of the auction were published Wednesday (March 8, 2023) after earlier offers were rejected last Friday for being pricy.
Last Friday's offers were at 35.5 per cent, above the government's idea rate of 20 per cent. Prior to the rates crashing to 24.16 per cent on Wednesday, the benchmark rates were trending in the mid 30 per cents.
The results published Wednesday showed that although the government set out to raise GHS2.77 billion of the 91-, 182- and 354-day bills, it accepted bids more that GHS4 billion.
More to follow...