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In February this year, government borrowed an amount of GH¢24 billion via treasury bills.
This is 29.3% higher than its target, a report by myjoyonline indicated.
It further said government exceeded its 2-month target by GH¢12.4 billion.
"Investors submitted total bids worth GH¢24.1 billion (+8.8% month-on-month) while accepted bids were valued at GH¢24.0 billion (+8.9% mon-on-month), sustaining the government’s quest to build buffer for future auction shortfall as indicated in the 2024 budget," the news portal stated.
In January this year, government borrowed GH¢12.7 billion from T-bills to finance maturing bills.
This was from the 91, 182, and 365-day bills.
The 91-day and the 364-day yields as of December 2023 were cut by 14 basis points and 74 basis points month-on-month to 29.4% and 32.5% respectively while the 182-day yield gained 19 basis points to 31.9%.
Analysts estimate show that the cumulative excess uptake in the first 2 months of 2024 is 23% more than the excess uptake recorded in the same period in 2023.
Meanwhile, government raised an amount of GH¢3.223 billion in the first auction of 2024.
This represented 15.24% more than the targeted amount.
Despite the high rates, the government has witnessed oversubscriptions in the past months except in a few instances where it saw slight undersubscriptions.
SA/MA
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