The total subscriptions from treasury bills in May 2023 was GH¢11.26 billion.

This was higher than the GH¢8.25 billion that was borrowed in April 2023, representing a 36.57% increase.

The subscription fell short of the set target of GH¢11.33 billion

Reports have noted that the subscriptions were almost up to the cost of matured bills worth GH¢11.42.

However, the auction results for the treasury bill auction held on June 2, 2023, have shown that the government secured GH¢2.40 billion.

This indicated an oversubscription of GH¢324.01 million from the target of GH¢2.08 billion.

This will be the first time in four weeks that the government has surpassed its treasury bills target.

Interest rates are still high nonetheless, increasing from 19% to almost 23%.

The majority of the subscriptions came from the 91-day bills which received GH¢1.59 billion at an increased interest rate of 21.15%.

The 182-day bill received bids worth GH¢816.62 million at an interest rate of 23.93%.

The assumption was that due to the finalization of Ghana’s IMF deal, investor confidence will rise and lead to the government achieving its target or even surpassing it.

But even after that, treasury bills were being undersubscribed.

It is however not far-fetched to make the assertion that investor confidence is gradually being restored.

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