T-bills: Government records massive oversubscription as interest rates hit 29.9%

The government recorded an oversubscription in its latest treasury bills auction on December 13, 2024.

This marks the first time this month that the government has met its target.

The auction received a total of GH¢8.20 billion in bids on December 13, 2024.

According to results released on December 16, 2024, GH¢6.740 billion was allocated to the 91-day bill. The government accepted GH¢951.67 million for the 182-day bill and GH¢508.15 million for the 365-day bill.

In comparison, the government raised a total of GH¢5.199 billion in the previous week's auction.

Interest rates for the latest auction were set at 27.77% for the 91-day bill, 28.49% for the 182-day bill, and 29.94% for the 365-day bill.

Treasury bills have become the government’s primary source of borrowing due to its lack of access to the international capital market.

Meanwhile, the government aims to borrow GH¢5.463 billion in this week's upcoming auction.

SSD/MA

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