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T-Bills oversubscribed by GHS 183m at interest rate of 36%

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T-Bills oversubscribed by GHS 183m at interest rate of 36%

Government saw its short-term debt instruments – 91 day and 182 day T-Bills – oversubscribed by GHS 183m.

Government, in the issuance of the debt securities beat its auction target of GHS 1,492m last Friday, January 6, 2023.

The Finance Ministry, in the issuance of the 91-day and 182-day treasury bills mobilised a total of GHS 1,6755 million in bids tendered by primary dealers.

A total of GHS 1,411m bids was tendered in for the 91-day with government accepting bids worth GHS 1,405m tendered for the short term security.

For the 182-day bill, a total of GHS 311m was tendered with government accepting bids worth GHS 270m tendered for the debt security.

The 91-day and 182-day treasury bills were auctioned at interest rates of 35.9% and 36% respectively.

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Returns on treasury bills continue to be negative given the country’s prevailing inflation rate of 50.3% at end-November 2022.

Meanwhile, in the upcoming issuance of the 91-day, 182-day and 364-day treasury bills on January 13, 2023, will be seeking to secure some GHS 1,125m in  fresh funding to meet its short term financing needs.

The additional GHS 1,125m debt is expected to further entrench government’s public debt which is currently over 100% of GDP.

 

 

 

Source: norvanreports
Tags: T-billsT-Bills oversubscribed by GHS 183m at interest rate of 36%
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