The government borrowed GH¢4.12 billion from treasury bills in its latest auction on December 8, 2023.
The short-term instrument saw a marginal oversubscription of GH¢208.46 million away from the government’s target of GH¢3.919 billion in its latest auction on December 4, 2023.
Interest rates on treasury bills have continued to increase but the government keeps getting oversubscriptions.
Interest rates for the 365-day bill currently stands at 33.45%.
According to the latest auction results from the Bank of Ghana, interest rates for the 91-day and 182-day bills have increased to 29.58% and 31.96% respectively.
According to the Bank of Ghana results, all bids tendered in this week’s auction were not accepted.
The 91-day bill saw a total subscription of GH¢2.53 billion, GH¢1.11 billion was accepted from the 182-day bill and GH¢481.75 million was accepted from the 364-day bills.
The government has set its next auction target at GH¢3.984 billion.