Government secures GH¢3.22 billion from treasury bills, surpasses target

The government borrowed GH¢3.22 billion from its treasury bills auction issued on August 28, 2023.

This is after it missed out on its ambitious treasury bill target last week.

According to the results, the government overpassed the target with GH¢172.07 million despite the increasing interest rates.

Interest rates have also reached 31%.

The continuous increase in the interest rate will make maturities expensive for the government to fulfill.

All bids from the 91-day, 182-day, and 364-day bills were accepted this week.

According to the results from the Bank of Ghana, interest rates increased to 31% for the 364-day bill.

Whereas from the 91-day and 182-day bills, interest rates have increased to 27.02% and 28.6% respectively.

The 91-day bill saw a total subscription of GH¢2.36 billion, GH¢701.67 billion was accepted from the 182-day bill and GH¢143.20 million was accepted from the 364-day bills.

The government expects to borrow a whopping GH¢3.064 billion from its next auction.

SSD/NOQ

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