Government borrows GH¢14.17 billion from T-bills by end of Q1 2023

In March 2023, the government obtained a total of GH¢14.16 billion from the sale of treasury bills.

According to the auction results, the government had GH¢16.70 bills tendered.

During the same period, government made a move to cut interest rates from above 30 percent to almost 15 percent as a cost-cutting measure as maturities were becoming increasingly expensive for the government to pay.

Interest rates dropped from an average of 35 percent to about 18 percent at the end of the month.

From week one to four, government obtained GH¢4.52 billion, GH¢3.88 billion, GH¢3.30 billion, and GH¢2.44 billion.

These were obtained from the 91-day, 182-day, and 365-day bills.

Government has been in a tight fix since Ghana has currently been shut out of the international capital market for borrowing.

Its only option for borrowing currently has been treasury bills and concessional loans.

The government borrowed about GH¢70 billion from treasury bills in 2022, but it is quite evident from the data, regarding the first quarter, that by the end of this year, it would have borrowed more.

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