In the latest treasury bill auction held on September 8, 2023, the government surpassed its target.
The government surpassed the target of GH¢2.601 billion to raise GH¢2.94 billion as interest rates continue to surge.
Concerns are growing over the increasing rate of interest rates in recent times because the government would have to spend more to fulfill the maturities.
According to results from the Bank of Ghana, all bids tendered in this week’s auction were not accepted.
The target was oversubscribed by GH¢343.71 million.
Interest rates are currently hovering between 27.78 to 31.97%.
The 91-day and 182-day bills have interest rates of 27.78% and 29.11% respectively.
For the 364-day bills, interest rates have increased to 31.97%.
The 91-day bill saw a total subscription of GH¢2.20 billion, GH¢289.19 billion was accepted from the 182-day bill and GH¢415.78 million was accepted from the 364-day bills.
The government has set its next auction target at GH¢3.75 billion.
Source: Ghana Web