Short-term debt instruments oversubscribed by GHS 530m
Government exceeded its auction target of GHS 1,423 million in its issuance of the 91-day and 182-day T-Bills last Friday, February 3, 2023.
The finance ministry raised a total of GHS 1,953 million in bids tendered by primary dealers.
The 91-day T-Bill received GHS 1,571 million in bids and was fully accepted, while the 182-day T-Bill received GHS 382 million in bids and was also fully accepted. Both T-Bills were auctioned at interest rates of 35.9%.
However, the returns on Treasury Bills remain negative due to the country’s prevailing inflation rate of 54.1% at the end of December 2022.
In the upcoming issuance on February 10, 2023, the government aims to secure an additional GHS 2,759 million in fresh funding to meet its short-term financing needs.
This will further increase the government’s public debt, which is already over 100% of GDP.
