The government accepted bids totaling GH¢4.977 billion from the sale of treasury bills in its latest auction on November 24, 2023.

This was after the government received bids amounting to GH¢5.008 billion.

Interest rates have remained high reaching 33.23% despite witnessing some fall in the past few weeks.

According to the latest auction results from the Bank of Ghana, interest rates for the 91-day and 182-day bills have reduced slightly to 29.49% and 31.75% respectively. The rate for the 365-day bills was 33.23%.

Despite the high rates, the government has witnessed consistent oversubscriptions in its latest auctions.

The results showed that the bills were oversubscribed marginally by GH¢1.39 million away from the set target GH¢3.587 billion.

Even though there are concerns about the government’s ability to be able to afford maturities the International Monetary Fund has said the rates are currently within range they are still lower than inflation.

The 91-day bill saw a total subscription of GH¢3.27 billion, GH¢375.89 billion was accepted from the 182-day bill and GH¢1.323.80 million was accepted from the 364-day bills.

The government has set its next auction target at GH¢5.618 billion.

SSD/OGB

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