Interest rate for 364-day bill reaches 32% as T-Bills see 11.7% oversubscription in recent auction
The 91, 182 and 364 day treasury bills auctioned by the Bank of Ghana (BoG) on behalf of the government, saw some GHS 2,906 million mobilised as credit from investors to the government.
The secured GHS 2,906 million was against a programmed auction target of GHS 2,601 million.
Government, in accepting the GHS 2,906 million bids tendered, exceeded its target by GHS 305 million.
A total of GHS 2,206m and GHS 322m bids were tendered for the 91 day and 182 day with government accepting bids amounting to GHS 2,202m and GHS 289m respectively.
For the 364-day bill, a total of GHS 415m was tendered with government accepting all bids 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 27.78%, 29.11%, and 31.97% (approximately 32%) respectively.
Meanwhile, in the upcoming issuance of the 91-day, 182-day and 364-day treasury bills on September 15, 2023, Government will be seeking to secure some GHS 3,759m in fresh funding to meet its short-term financing needs.
