Treasury bills oversubscribed by GH¢442 million in latest auction as interest rates soar

After many undersubscriptions, the government recorded a marginal over-subscription at its latest treasury bills auction.

According to its results, the government exceeded its target of GH¢3.980 billion by GH¢442.11 million.

The sale of the short-term instruments resulted in a total sale of GH¢4.422.11 billion.

The auction on October 25, 2024, and issuance on October 28, 2024, secured GH¢3.188.12 billion for the 91-day bill.

However, the government accepted GH¢957.67 million for the 182-day bill and GH¢276.32 million for the 365-day bill.

Last week, the government sold a total of GH¢4.195 billion.

Interest rates were set at 26.19% for the 91-day bill, 27.29% for the 182-day bill, and 28.97% for the 365-day bill.

Treasury bills have become the government’s primary source of borrowing since it no longer has access to the international capital market.

Meanwhile, the government wants to borrow GH¢4.010 billion in this week's auction.

SSD/MA

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