Treasury bills have again seen an oversubscription of about GH¢500 million in its latest auction on February 3, 2023.

According to the auction results from the Central Bank, the government secured GH¢1.95 billion from the 91, 182, and 364-day treasury bills.

This is GH¢530.83 million away from the GH¢1.423 billion target.

The majority of the subscriptions were from the 91-day bill which secured GH¢1.571.46 billion and GH¢382.37 million from the 182-day bill.

The interest rates however hovered around 35%.

The 365-day bill on the other hand was not part of last week's subscriptions.

The increase in the subscription is an indication of investor confidence as the government has made some significant progress in the debt exchange programme.

The government reached an agreement with banks to pay a 5% coupon rate in 2023, a development that has made the government’s aim of attaining an 80% participation rate in the program.

Individual bondholders are still calling on the government to exclude them from the programme, however, as the deadline for the invitation draws nigh government is yet to announce their exclusion or otherwise.

However, the deadline for the debt exchange programme is February 7, 2023.

But pensioner bondholders have picketed the Finance Ministry to demand a total exemption from the debt exchange programme.

SSD/FNOQ