Interest rates surged marginally on the domestic market to almost 29%, enabling the government to achieve a 16% oversubscription of its Treasury bills sale.
This is coming after remaining relatively stable for the last three auctioning or weeks.
According to the latest auction by the Bank of Ghana, the government raised 1.33 billion from the sale of the short-term securities, as against the target of 1.153.
Interest rates on the 91-day T-bill went up by almost 1.0% to 27.04%, from the previous week, whilst that of the 182-day T-bill stood at 28.50%, from 28.25% the past week.
The 364-day T-bill however went for 28.40%, lower than the 6-months bill.
As usual, investors were more interested in the three months bill as ¢954.66 million was secured. Indeed, government accepted all the bids submitted for the 91-day bill.
Despite, the yield on the six-month bill going up, bids submitted by the investors were estimated at ¢268.43 million, but government accepted ¢232 million.
The government however secured ¢114.65 million for the one-year bill.
Liquidity has improved on the domestic market in recent times, but this is coming at a cost because the government will pay more on borrowed funds.
Again, the government continuous borrowing is crowding out the private sector from accessing funds.
That could be the reason behind the revision of interest payments by government to a little above ¢41 billion in 2022.
- Nigerian singer Teni gifts SHS teacher a car
- Brother stands in as groom skips wedding to train
- Ghana’s debt stock up ¢9bn to ¢402.4bn in July 2022 – BoG
- Daniel Afriyie Barnieh to run down Hearts contract as he rejects new deal
- Akufo-Addo’s fight against illegal mining is a complete ‘419’ – Sammy Gyamfi
- Parliament warns Herald Editor to cease exposés on controversial GNPC/Genser Energy contract
- British officials release date for King Charles III’s coronation
- Increase price of bag of cocoa to ¢1,500 or we smuggle it – Farmers
- My vehicle was set ablaze on Samatex premises – Wontumi alleges
- Court orders CID Boss to provide safety report on alleged bride killers
- Stonebwoy to feature Kenya’s Khaligraph Jones in new single
- Black Sherif’s ‘Oh Paradise’ about late girlfriend gets fans emotional
- Don’t blame us for worsening inflation rate – BoG tells World Bank
- Blunt Thoughts: Losing from both ends – Our natural resources in crisis and our economy in tatters
- Total Mobile Money transactions fall by 2% year-on-year in August 2022; E-levy impact marginal
- IBAG to celebrate Insurance Brokers’ Awareness Month this October
- GRA locks up popular event center ‘Underbridge’
- NSMQ 2022: Competing schools arrive on KNUST campus ahead of prelims
- ‘Galamsey’ got worse under Mahama – NPP tells NDC
- ‘I have given up on dating; guys do not take me seriously’ – Comedienne Jacinta
- Kuami Eugene grabs 2022 BMI London award
- Former Arsenal star Emmanuel Petit calls for Thomas Partey backup in January
- Bawumia has been a disaster as head of economic management team – Felix Kwakye Ofosu
- People like our union – Shatta Wale on why he requested to collaborate with Michy
- Qatar 2022: Ghana vs Uruguay not a ‘revenge’ game – Andre Ayew