T-Bills Archives - Page 3 of 3

31 Jul

T-bills Auction: Government Records Marginal Oversubscription; Interest Rates Hit 30.30%

Wontumi1Business364-day, 91-day, T-Bills

Government recorded a marginal oversubscription of treasury bills auction, as interest rates continued its upward trend on the money market. According to the auction result by the Bank of Ghana, the government got about ¢2.34 billion. The target for this auction was about ¢2.28 billion. ¢1.493 billion cedis were bids tendered for the 91-day bill. All the bids were subsequently accepted. Also, the bids for the 182-day T-bills were estimated at about ¢503.58 million. Similarly, all the bids were accepted. For the 364-day bill, about ¢345.14 million were gotten from the auction. Meanwhile, interest rates on the 364-day bill went…

26 Jun

T-bills: Government Records Marginal Oversubscription; But Interest Rates Hit 29.2%

Wontumi1Business182-day, 364-day, 91-day, BoG, T-Bills

Government’s Treasury bills sale were marginally oversubscribed as interest rates hit 29.2%. According to the results from the Bank of Ghana, the government received bids worth ¢2.29 billion, about 4.04% oversubscription. The government had in March 2023 forced interest rates to go down to 18.0% in March 2023, but the rates have been surging since then, raising some concerns about the government’s domestic debt restructuring programme. All the short-term financial instruments have gone up by more than 4.0% since they went down sharply from the high of 35% some three months ago. According to this auction result, the 91-day T-bill…

12 Jun

T-bills Auction: Interest Rates Rise To 27.8%; Government Records 6.4% Oversubscription Of Target

Wontumi1BusinessBoG, Interest Rates, T-Bills

Government recorded about 6.4% oversubscription of its treasury bills target of ¢2.63 billion but an increasing cost. According to figures from the Bank of Ghana, interest rates surged for the eighth-week running, raising concerns about the government’s debt management strategy, aimed at cutting Ghana’s debt. The government has been borrowing heavily on the money market since the beginning of 2023 but at a higher cost. This is because it is the only source of borrowing. The rising interest rates are expected to keep high the domestic interest payments of the government. The figures from the Bank of Ghana indicate that…

05 Jun

T-bills Auction: Government Records 15% Oversubscription, But At Higher Cost Of 23.9%

Wontumi1BusinessBank of Ghana, Subscription, T-Bills

The government overturned its recent under-subscription of treasury bills sales to record about 15% oversubscription of its targeted amount of ¢2.08 billion. However, that was primarily due to a reduction in the targeted amount. According to figures from the Bank of Ghana, the government got about ¢2.4 billion from the T-bills auction across the 91-day and 182-day. Once again, the chunk of the bids came from the 91-day bill. A little over ¢1.59 billion were tendered by the investors for the 3-month financial instrument. The government accepted over 99% of the bids. For the 182-day T-bill, about ¢816 million were…