Government raises GH¢7.21 billion from latest T-bills auction

The government has raised GH¢7.21 billion from its latest Treasury bill auction, falling short of its GH¢7.97 billion target by about GH¢760 million.

The Bank of Ghana said investors placed bids worth GH¢8.20 billion for the 91-day, 182-day and 364-day Treasury bills.

However, the government accepted only GH¢7.21 billion of the bids.

The 91-day bill received the highest amount of bids, with investors offering GH¢4.56 billion. The government accepted GH¢4.52 billion.

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For the 182-day bill, investors offered GH¢2.07 billion, of which GH¢1.82 billion was accepted.

The biggest difference was recorded on the 364-day bill. Investors offered GH¢1.56 billion, but the government accepted only GH¢867.93 million.

The 364-day bill also offered the highest average interest rate of 10.10%.

The average interest rate for the 182-day bill was 6.51%, while the 91-day bill recorded 4.69%.

For the next auction, the government is targeting GH¢4.12 billion from the sale of the three Treasury bills.

Treasury bills are short-term investments that allow the government to borrow money from investors and pay them interest in return.

DR/MA