In June 2023, the government borrowed GH¢10.50 billion from treasury bills.

The subscriptions were lower than the GH¢11.26 billion the government got in its auctions in May 2023.

The total bids did not meet the set target of GH¢11.53 billion.

In June, some stability was expected as the International Monetary Fund’s initial assessment of the economy showed the country's financial standing has started showing signs of stability.

Also, interest rates have risen steadily over the period.

Currently, interest rates have reached almost 26%.

In its latest auction, however, the government failed to meet its target as it recorded a 17% under subscription.

According to the Bank of Ghana, the target includes a sell buy-back of GH¢1.01 billion which matures and will be rolled over on July 6, 2023.

Interest rates have increased to 23.95% for the 91-day bill and 25.79% for the 182-day bill.

However, the government expects to raise GH¢1.57 billion from the 91-day bill, 182-day bill, and 364-day bill in its next auction.

SSD/FNOQ

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