Government continues to struggle to raise funds on the domestic treasury market, as Treasury bills sale was undersubscribed by 39.47% to ¢463.65 million.
This is coming despite a further increase in interest rates of the short term securities.
In actual fact, it is the second week running that the weekly sale of the short term securities have failed to meet the target, following the fiscal measures announced by the Finance Minister, Ken Ofori-Atta to revive the economy.
Government had targeted ¢766 million cedis in both the 91-day and 182-day Treasury bills.
According to the auctioning results by the Bank of Ghana, ¢372.04 million was mobilized from the sale of the 91-day T-bills, whilst ¢91.61 million was secured from the auctioning of the 182-day Treasury bills.
The interest rates for the short term securities were quoted at 14.84% and 15.45% respectively, higher than that of the previous sale.
Analysts believe it will take some time before investors react to the government fiscal measures to keep inflation and exchange rate lower and relatively stable.
In that regard, there is no cause for alarm as the treasury market is expected to bounce back soon.
Treasury securities | Bids tendered | Bids accepted |
91-day Treasury bill | ¢372.04m | ¢372.04m |
182-day Treasury bill | ¢91.61m | ¢91.61m |
Total | ¢463.65m | ¢463.65m |
Target : ¢766m
Latest Stories
-
Police pursue gunmen for killing 2 off-duty officers at Trasacco
12 mins -
Bayer Leverkusen beat Roma to win semifinal first leg
14 mins -
Aston Villa face tough task after 2-4 defeat to Olympiacos
19 mins -
NGO empowers women and girls with disabilities
23 mins -
Guinness World Records: Nigerian woman paints nails for three days
30 mins -
Season 2 of ‘I’m in Love with Boma Ye’ returns this May on Joy Prime
33 mins -
Akufo-Addo’s disrespect of chiefs won’t be tolerated – Haruna Iddrisu
37 mins -
Chalobah and Jackson score as Chelsea defeat Tottenham
41 mins -
NPP praises Police, EC for successful Ejisu by-election
58 mins -
2024 Ramadan Cup: Bawumia donates 20,000 to four teams as Ashaiman lifts trophy
59 mins -
PMI Ghana Chapter members tour Kasoa BSP Project
1 hour -
Child Rights International pledges support for toddler mauled by dog
1 hour -
Cedi’s woes due to diminishing expectations of investors concern about Ghana’s competitiveness – Prof. Peprah
1 hour -
EIU optimistic Ghana’s debt-carrying capacity could easily improve in future
1 hour -
Access Bank Ghana Plc records commendable financial growth in quarter one, 2024
4 hours