Minister for Finance, Ken Ofori-Atta

Government secured ¢2.411 billion from the sale of Treasury bills last Friday, July 22nd, 2022, an oversubscription of 23%.

This is coming despite interest rates going up marginally on the money market to reflect the rising inflation rate.

According to auctioning results from the Bank of Ghana, government accepted bids worth ¢2.407 billion from the local investors.

This is the 4th consecutive week that T-bills have been oversubscribed or the government has met its target.

Again, chunk of the amount came from the 91-day T-bill, whereby ¢1.27 billion was mobilised. ¢975 million was however raised from the 182-day T-bill.

For the 364-day T-bill, GH¢162.47 was received.

Meanwhile, interest rate on the 91-day and 182 day T-bills went up to 26.34% and 28.06% respectively. This was from the 25.95% and 27.46% the previous week.

Again, interest rate on the one-year bill (364-Day) also increased to 27.85%.

Gradually, liquidity on the financial market is improving, but at a higher cost because of the rising interest rate.

Now that the rate of inflation has slowed, market watchers will be keenly watching whether interest rates will firmly stabilise and start trending downwards.

SecuritiesBids Tendered (GH¢)Bids Accepted (GH¢)Interest rate
91 Day Bill 1.273 billion 1.273 billion26.34%
182 Day Bill 975   million 974.97 million28.06%
364 Day Bill 162.47 million                158.96 million              27.85%
Total2.411  billion 2.407 billion 
Target1.947  billion