Information reaching Joy Business indicates that investors are bidding for below 30% yield for the Government of Ghana Treasury bills.
This is coming after the government rejected all the bids for the short term securities last Friday, March 3, 2023.
When government accepts below 30% yield for the short term securities, the interest cost will drop by about 500 basis points.
Indications are that both the government and investors, largely banks will agree to the terms for this auctioning.
The tender for the auction, which was expected to close by noon March 3, 2023 has been extended for few hours.
The government on Friday, March 2023, rejected all the bids for the T-bills sale from investors.
This was because the yield for the offer were within the 35% bracket.
The government was seeking to raise ¢2.78 billion to refinance maturing bills worth ¢2.55 billion, but it described the yield of 35% as too expensive.
It is believed that the government is mindful of the rising interest costs on the short-term securities.
