Government secures GH¢3.53 billion from t-bills as interest rates reach 30%

The government has borrowed GH¢3.53 billion from its latest treasury bill auction to be issued on August 14, 2023.

According to the results, the government surpassed its set target of GH¢3.06 billion.

Interest rates have also remained high inching up to 30.69% in the latest auction.

The continuous increase in the interest rate will make maturities expensive for the government to fulfill. This week, all bids from the 91-day, 182-day, and 364-day bills were accepted.

According to the results from the Bank of Ghana, interest rates have increased to 30.69% for the 364-day bill.

Whereas from the 91-day and 182-day bills, interest rates have increased to 26.09% and 27.59% respectively.

The 91-day bill saw a total subscription of GH¢2.52 billion, GH¢261.69 million was accepted from the 182-day bill and GH¢721.03 million was accepted from the 364-day bills.

Government expects to borrow a whopping GH¢3.96 billion from its next auction.

SSD/NOQ

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