Government borrows GH¢2.90 billion from treasury bills in latest auction

The government borrowed GH¢2.90 billion from treasury bills in its latest auction on October 20, 2023.

Despite the high interest rates, the bills have consistently been oversubscribed.

In this week’s auction, interest rates have inched further.

Interest rates are currently hovering between 29.7% for the 91-day bills and 33.34% for the 364-day bills.

For the 182-day bills, the interest rate is currently at 31.60%.

The results showed that the bills were oversubscribed by GH¢600 million away from the set target of GH¢2.282 billion.

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

The 91-day bill saw a total subscription of GH¢2.43 billion, GH¢391.20 billion was accepted from the 182-day bill and GH¢68.99 million was accepted from the 364-day bills.

The government has set its next auction target at GH¢2.238 billion.

SSD/MA

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