Government Treasury bills sale was undersubscribed by 11.6%, according to results published by the Bank of Ghana.
The undersubscription was also realised at higher interest rates.
According to the results, government secured a total of ¢974.51 million from the sale of the short term instruments against a target of ¢1.088 billion.
Bids tendered in were estimated at ¢974.51 million, which the government accepted all.
Some market watchers may attribute the undersubscription of the financial instruments to liquidity challenges within the economy.
Again, the government will spend more to repay the borrowed funds at maturity.
Similarly, the increased appetite for borrowing by the government is crowding out the private sector from access to financing.
Whilst the 91-day T-bills went up by 0.43% to 31.39%, that of the 182-day T-bill also hit 32.23%, from 32% the previous week.
The 364-day however sold for 32.06%, lower than the 6-months bill.
In 2022, the government is expected to spend ¢42 billion of tax revenue as interest payments.
Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
91 Day Bill | 830.33 million | 830.33 |
182 Day Bill | 94.34 million | 94.34 million |
364 Day Bill | 49.84 | 49.84 |
Total | 1.088 | 1.088 |
Target | 974.51 | 974.51 |
Latest Stories
-
Robust anti-laundering fight critical for regional stability – Veep
1 hour -
Car ploughs into crowd outside LA nightclub, injuring 30
2 hours -
GNAT President calls for parliamentary legislation to protect reinstated PTAs
4 hours -
NPP Abanga blames his NDC twin brother for his misfortune
5 hours -
NPP Abanga breaks ranks to shield NDC twin brother in ‘galamsey’ accusations
6 hours -
Saminu Abdul Rasheed smashes national record again with 9.84s sprint in Georgia
6 hours -
Blekusu Coastal project: We’re reclaiming our coastlines – Housing Minister
9 hours -
Pricey plantains push Ghana’s market sellers to diversify
9 hours -
Full list: NPP delegates approve 54 reform motions, reject proposals on youth age, election supervision
10 hours -
WAFCON 2024: Cynthia made it easy – Chantelle hails goalkeeper after penalty saves
10 hours -
Cyber Security Authority boss suspended over use of military bodyguard
10 hours -
WAFCON 2024: I want to make history – Grace Asantewaa dreams of lifting the trophy
10 hours -
Afenyo-Markin accuses NDC of rebranding and claiming credit for NPP projects
10 hours -
2024 WAFCON: Grace Asantewa shines as Black Queens reach semis
10 hours -
WAFCON 2024: Ghana beat Algeria 4-2 on penalties to book semi-final spot for the first time since 2016
10 hours