Government to borrow whopping GH¢3.79 billion from treasury bills this week

The government of Ghana is expecting to raise an ambitious target of GH¢3.79 billion from the sale of treasury bills this week.

The auction which will be held on June 16, 2023, is expected to get subscriptions from the 91-day, 182-day and 364-day bills.

The target is quite high compared to the subscriptions that the government has secured in the past few weeks.

Even though this week’s auction saw a 6.5% oversubscription, the amount is way lower than the set target for this week.

Last week, the government secured GH¢2.79 billion from the sale of treasury bills in its latest auction on June 12, 2023.

The auction saw an oversubscription of GH¢168.53 million even though interest rates have been rising.

According to the auction results from the Central Bank, the government secured GH¢1.50 billion from the 91-day bill, GH¢982.71 million from the 182-day bill, and GH¢308.36 million from the 364-day bill.

Interest rates, however, increased from 20.25% to 21.26% for the 91-day bill, 22.82% to 23.95% for the 182-day bill, and 27.36 to 27.82 for the 364-day bill.

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