Treasury bills sale target fell by about 37% despite the recent turnaround in the auctioning of the short term securities.
This is coming few days after ratings agency Fitch reviewed the country’s economic outlook from stable to negative though it maintained its ratings at ‘B’.
Government had targeted about ¢1.17 billion for the sale of the short term securities but was only able to raise a little above ¢735.58 million.
It is unclear whether the cut in the interest yield of the 91-day instrument which is highly patronized by investors, largely banks or the review of the Ghanaian economy from stable to negative by Fitch Ratings is the major contributor to the slump in the sale.
The recent fall in the Bank of Ghana’s Policy Rate to 13.50% was attributed to the investor interest in the T-Bills.
But it appears the investors are adopting a cautious approach in investing in the risk free instruments though lending to the private sector has also not seen any improvement.
According to the auctioning results by the Bank of Ghana, interest cost of the 91-day T-Bills went down by 0.03%, while that of the 6-months bill remain relatively same.
Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) | Interest rate |
91 Day Bill | 603.40 million | 603.40 million | 12.58% |
182 Day Bill | 132.18 million | 132.18 million | 13.37% |
Total | 735.58 million | 735.58 million | |
Target | 1.178 billion |
Latest Stories
-
CAFCC: “Dreams need to score early to unsettle Zamalek” – Former Zamalek striker Felix Aboagye
1 hour -
GHS launches mobile app to counter misinformation about vaccines
1 hour -
Election 2024: Care Ghana warns EC of recruiting political actors as Returning Officers
1 hour -
Mohammed Kudus gets 5th Premier League assist as West Ham hold Liverpool
1 hour -
Religious support source of my success – Asantehene
1 hour -
Sierra Leone energy minister resigns over electricity crisis, as power returns to capital
2 hours -
EC accuses Bright Simons, IMANI Africa of peddling falsehood
2 hours -
GRA/SML contract: Akufo-Addo has whitewashed the KPMG report – Inusah Fuseini
2 hours -
USM Alger receive warm welcome at Oujda Airport ahead of game against RS Berkane
3 hours -
2023/24 Ghana Hockey League to kick-off this weekend
3 hours -
All payments received from our contract with GRA are performance-based, says SML
4 hours -
Marrakech 2024: Ghana’s Zinabu Issah wins gold in women’s discus throw
4 hours -
Our contract with GRA followed due process; ignore contrary reports – SML
4 hours -
SML is just Agyapa in suit and tie – Bright Simons
4 hours -
Domelevo condemns selection of KPMG to audit GRA/SML contract as illegal and unprofessional
5 hours