Source: newsthemegh.com
The government had high demand for its short-term debt instruments, as evidenced by the GHc462 million oversubscription of the most recent issues of 91-day, 182-day, and 364-day Treasury Bills.
In excess of its goal of GHc 3,064 million, the Finance Ministry raised a total of GHc3,526 million from primary dealers.
The government accepted all of the bids submitted for the 91-day Treasury Bill, which got bids totaling GHc2,639 million. The government similarly accepted all of the bids submitted for the 182-day Treasury Bill, which did so with bids totaling GHc650 million.
The government accepted all of the GHc237 million in bids submitted for the 364-day Treasury Bill.
The 364-day Treasury Bill had the highest interest rate of 31.65%, followed by the 182-day Treasury Bill at 28.71%, and the 91-day Treasury Bill at 27.36%. The Finance Ministry received bids totaling GHc3,526 million from primary dealers.
The government pays an average interest rate of 29.24% on the GHC 3,526 million it received from the T-Bill auction last Friday.
On September 8, 2023, the government plans to issue more 91-day, 182-day, and 364-day Treasury Bills in an effort to raise an additional GHc2,601 million to cover its short-term finance requirements.
The Ghanaian Finance Ministry intends to issue GHc 38.9 billion in T-Bills between July and September. Plans to issue GHc38.9 billion in debt through T-Bills for the period of July to September 2023 have been made public by the Finance Ministry.
This is according to the Finance Ministry’s Government Issuance Calendar for July to September, which was released on August 9, 2023.
Due to the ongoing domestic debt program, the GHc38.9bn debt will only be issued using T-Bills.
“In reference to the on-going Domestic Debt Exchange Programme (DDEP), Government’s financing from the domestic market will be the issuance of only treasury bills. In this regard, Government plans to issue a gross amount of GH¢38,959.63 million for the period, July to September 2023,” noted the Finance Ministry
“Government expects that the July to September 2023 Calendar meets the requirements of market participants,” the Ministry added.