Is this a buying opportunity or is it an economy on the brink? Reuters reports, the Bank of Ghana said the yield on its 91-day bill rose to a fresh three-year high of 255 at Friday’s auction, from 24.9% at the last sale.
The Bank said it accepted 580.47 million cedis ($173.27 million) out of the 585.68 million cedis worth of bids tendered for the 91-day paper. This was obviously an over subscription as investors poured in money into the bills. Compare this yield to Nigerian treasury bills yield which sold at about 9% last week.