T-bills: Government fails to meet ambitious target, records 20.3% under subscription

The government failed to meet its GH¢3.79 billion treasury bill target in its latest auction on June 18, 2023.

The target was undersubscribed by GH¢771 million.

The government secured GH¢3.01 billion from the sale of treasury bills in its latest auction.

Even though the subscriptions did not meet the expected target, this week’s subscriptions were higher than what was secured last week.

Also, interest rates for the 91-day bill increased to 21.69%, and for the 182-day bill, interest rates increased to 24.97%.

For the 364-day bills, it increased to 28.91%.

According to the auction results from the Central Bank, the government secured GH¢2.39 billion from the 91-day bill, GH¢521.12 million from the 182-day bill, and GH¢99.79 million from the 364-day bill.

The preliminary findings from the International Monetary Fund’s mission team showed that Ghana’s economy is showing signs of stability.

Watch BizTech and BizHeadlines below

SSD/FNOQ