Government borrows GH¢11.90 billion from treasury bills in August

In August 2023, the government's weekly treasury bill auction got a total subscription of GH¢11.90 billion.

This was higher than what it borrowed in July by 3.21%.

Even though interest rates have remained high, the government was able to achieve its target in most of the auctions.

Yields on the 91-day and 182-day bills surged 178 basis points and 147 basis points to 27.02% and 28.62% respectively.

It can be deduced from the government’s posture that it will borrow more in September than it did in August.

This is because of the reliance on the market for funds.

This week, however, the target for the auction to be held on September 8, 2023, is GH¢2.60 billion.

Subscriptions for the latest auction on September 1, 2023, have surged GH¢3.53 billion.

For the past two weeks, the government has managed to surpass its treasury bill targets even though they were ambitious.

According to the results, the target was oversubscribed by GH¢462.83 million. Interest rates are currently hovering between 27.36 to 31.65%.

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