GHS 2.28bn T-Bill auction oversubscribed by GHS 613m as interest cost on 364-day bill inches to 33.3%
The 91, 182 and 364 day treasury bills auctioned by the Bank of Ghana (BoG) on behalf of the government, saw some GHS 2,895 million mobilised as credit from investors to the government.
The secured GHS 2,895 million was against a programmed auction target of GHS 2,282 million.
Government, in accepting the GHS 2,895 million bids tendered, exceeded its target by GHS 613 million.
A total of GHS 2,446m and GHS 402m bids were tendered for the 91 day and 182 day with government accepting bids amounting to GHS 2,436m and GHS 391m respectively.
For the 364-day bill, a total of GHS 235m was tendered with government accepting bids worth GHS 68m tendered for the debt security.
This, however, came at an increased cost to the government in the form of higher interest rates.
Interest rates on the 91, 182 and 364 days T-Bills were 29.7%, 31.6%, and 33.3% respectively.
Meanwhile, in the upcoming issuance of the 91-day, 182-day and 364-day treasury bills on October 27, 2023, Government will be seeking to secure some GHS 2,238m in fresh funding to meet its short-term financing needs.
