Government to borrow GH¢2.28 billion from treasury bills

The government is expecting to borrow GH¢2.282 billion from treasury bills in its auction on October 20, 2023.

This is expected to be derived from the 91,182 and 365-day bills.

Last week, interest rates increased further to 33.2% for the 364-day bills.

The interest rates for the 91-day and 182-day bills currently stand at 29.48% and 31.42%.

This will, however, be the 33rd consecutive time this year that interest rates have increased.

Despite the high rates, the government has witnessed oversubscriptions recently except in a few instances where it saw slight undersubscriptions.

Even though there are concerns about the government’s ability to be able to afford maturities the International Monetary Fund has said the rates are currently within range they are still lower than inflation.

In last week’s auction held on October 13, 2023, the government secured GH¢2.61 billion.

The results showed that the bills were oversubscribed marginally by GH¢367.27 million away from the set target of GH¢2.243 billion.

According to the results from the Bank of Ghana, all bids tendered in this week’s auction were not accepted.

The 91-day bill saw a total subscription of GH¢2.10 billion, GH¢324.03 billion was accepted from the 182-day bill and GH¢183.66 million was accepted from the 364-day bills.

SSD/MA

Watch the latest edition of BizTech below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.