By: Franklin ASARE-DONKOH
Data from Ghana’s Central Bank, the Bank of Ghana (BoG), shows that the government exceeded its target by 165% in its latest bid to raise funds from the local market through the Treasury Bill (T-Bill).
According to BoG, while the government aimed to raise GHS 7.73 billion, it received bids totaling GHS 9.6 billion significantly exceeding the auction target by 165%.
Bids for the 91-day and 182-day T-Bills amounted to GHS 7.38 billion and GHS 5 billion, respectively. The Government accepted GHS 4.23 billion and GHS 1.43 billion, respectively.
Available data revealed that bids for the 364-day bill totaled GHS 8.11 billion, of which GHS 3.96 billion was accepted.
Despite the strong demand, interest rates on the short-term instruments declined. The 91-day and 182-day T-Bill rates fell to 24.47% and 25.38%, down from 26.85% and 27.80%, respectively while the 364-day bill also saw a drop in its interest rate to 27.29% from 29.07%.
The Government aims to raise an additional GHS 6.49 billion in debt on Friday, February 28, 2025.
This comes as the Government once again exceeded its Treasury bill target, surpassing it by GHS 1. 9 billion and rejected over 10 billion bids last week.
