Government surpasses target for short-term securities, interest rates reach 30%

Government surpassed its treasury bill target by GH¢45.05 million in its latest auction on July 21, 2023.

The auction saw a total subscription of GH¢2.69 from the 91-day, 182-day, and 364-day bills.

The target for the auction was GH¢2.65 billion.

According to the results from the Bank of Ghana, interest rates have increased to 30.4% for the 364-day bill. Whereas from the 91-day and 182-day bills, interest rates have increased to 24.92% and 26.80% respectively.

Despite the rising interest rate all bids tendered were accepted.

The 91-day bill saw a total subscription of GH¢1.78 billion, GH¢356.97 million was accepted from the 182-day bill and GH¢557.07 million was accepted from the 364-day bill.

The government expects to borrow GH¢2.282 billion from its next auction.

SSD/NOQ

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