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T-Bills oversubscribed by GHS 704m

3 years ago
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T-Bills oversubscribed by GHS 704m

Government saw its short-term debt instruments – 91 day, 182 day and 364 day T-Bills – oversubscribed by GHS 704m.

Government, in the issuance of the debt securities beat its auction target of GHS 1,278m last Friday, January 27, 2023.

The Finance Ministry, in the issuance of the 91-day, 182-day and 364 day treasury bills mobilised a total of GHS 1,982 million in bids tendered by primary dealers.

A total of GHS 1,426m bids was tendered in for the 91-day with government accepting bids worth GHS 1,357m tendered for the short term security.

For the 182-day bill, a total of GHS 491m was tendered with government accepting all bids tendered for the debt security.

For the 364-day bill, a total of GHS 135m was tendered with government accepting bids worth GHS 134m tendered for the short term security.

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The 91-day, 182-day and 364 day treasury bills were auctioned at interest rates of 35.9%, 36% and 35.9% respectively.

Returns on treasury bills continue to be negative given the country’s prevailing inflation rate of 54.1% at end-December 2022.

Meanwhile, in the upcoming issuance of the 91-day and 182-day treasury bills on February 3, 2023, will be seeking to secure some GHS 1,423m in  fresh funding to meet its short term financing needs.

The additional GHS 1,423m debt is expected to further entrench government’s public debt which is currently over 100% of GDP.

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