T-bills auction: Government exceeds target by 77%; but to pay more for one-year bill at maturity

The government recorded 77% oversubscription of the treasury bills auction, as the yield on the one-year bill hit 12.99%.   According to the auction results by the Bank of Ghana, most of the investors bought the 364-day bill because of the attractive interest rate.  However, the government will have to pay more to service the…