Government of Ghana secured GH¢3.88 billion from the sale of treasury bills.
In its most recent auction, which took place on March 10, 2023, the Ghanaian government made GH3.88 billion through the selling of treasury bills. This exceeded the projected oversubscription of GH1.10 billion.
Nonetheless, interest rates have drastically decreased to just 18%. The government obtained GH 2.90 billion from the 91-day bill and GH 972.49 million from the 182-day bill, according to the Central Bank’s auction findings.
The subscriptions sold more than the GH3.31 billion the government got in the auction last week, but they still exceeded the GH2.775 million that the government had set as its aim.
However, the 91-day bill’s interest rate dropped to 18.52%, the 182-day bill’s to 22.8%, and both were at 21.27%.
The effective debt restructuring program has been blamed for the decrease in rates. The government claims that the Domestic Debt Exchange program is what has caused the Treasury Bill rate to drop from 35 to 24 percent.
The subscriptions sold more than the GH3.31 billion the government got in the auction last week, but they still exceeded the GH2.775 million that the government had set as its aim.
However, the 91-day bill’s interest rate dropped to 18.52%, the 182-day bill’s to 22.8%, and both were at 21.27%.
The effective debt restructuring program has been blamed for the decrease in rates.
The government claims that the Domestic Debt Exchange program is what has caused the Treasury Bill rate to drop from 35 to 24 percent.
The initiative, according to the deputy finance minister, is producing the outcomes required for transformation and economic growth.
He stated in front of the legislature that the nation’s treasury bill rate was 35% last week. The DDEP has caused the rate on Treasury bills to drop to 24 percent as of right now. Even at 24 percent, there is a 121 percent oversubscription, so there was oversubscription.
“The coupon rate on T-Bills is going to be further reduced. That indicates lower inflation and lower private borrowing costs in the future for our nation, which will lead to a return of economic stability and more inclusive economic growth.
Recommended reading: KEN OFORI ATTA HAS LEFT ACCRA FOR CHINA
Read also: T-bills rates dip further to 18%, government gets GH¢3.8 …
1 Comment