Government cost of servicing new domestic debt has gone down again as interest cost on the 91-day Treasury bill went down marginally for the second week running.
According to the latest auctioning results by the Bank of Ghana, interest rate went down by 0.01565% on the 3 months T-Bill.
If this trend continues, government will save some monies on interest payments to investors this year. Government is expected to spend GH¢28.3 billion to settle interest cost on domestic debt alone this year.
But the declining interest rate on the short term securities is a great relief to its expenditure programmes for this year as those savings could be channeled into infrastructure projects such as roads, schools and hospitals.
The latest T-Bills auctioning shows that the yield on the 91-day instrument fell further from the 12.89% recorded the previous week, but that of the 182-day remained same at 13.65%.
However, government appetite for borrowing on the domestic market is still high and could still crowd out the private sector from getting access to funds.
Meanwhile, government exceeded its Treasury bills target by 20.22% in the latest auctioning.
It however accepted all the bids which was a little above GH¢1.68 billion.
This time around the investor interest in the 182-day T-Bills was very high compared to previous sale.
Government raised GH¢1.11bn from previous T-Bills sale
Government exceeded its Treasury bills target by 25.7% in previous T-Bills sale.
It however accepted all the bids which was a little above GH¢1.11 billion.
It came on the back of the 3-year bond in which government fell short of its target by about 5%.
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