Treasury bills oversubscribed by GH¢380 million, interest rates still high

The government secured GH¢3.218.94 billion in its latest auction on January 5, 2023.

The bills were oversubscribed by GH¢381.94, surpassing the week’s target of GH¢2.837 billion.

For the greater part of 2023, interest rates kept increasing to over 33% for the 365-day bill.

According to the latest auction results from the Bank of Ghana, interest rates for the 91-day and 182-day bills are currently standing at 29.19% and 31.74% respectively. Currently, inflation stands at 38.1%.

Ghana’s interest rate is still the highest in Africa standing at about 32%.

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

The 91-day bill saw a total subscription of GH¢2.14 billion, GH¢595.72 billion was accepted from the 182-day bill and GH¢479.43 million was accepted from the 364-day bills.

The government has set its next auction target at GH¢2.63 billion.

SSD/NOQ

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