Finance

T-bills: Government narrowly misses auction targets as interest rates soar

The auction results for the treasury bills auction held on May 19, 2023, have shown that the government missed its auction target narrowly by GH¢3.98 million.

According to the results, the government secured GH¢2.72 billion from the sale of treasury bills,

The target for the auction was GH¢2.732 billion. The majority of the subscriptions came from the 91-day bills which received GH¢2.01 billion at an increased interest rate of 20.5%

Last week, interest rates stood at 20.43% for 91-day bills while the 182-day bill received bids worth GH¢712.75 million at an interest rate of 23.35%.

The assumption was that due to the finalization of Ghana’s IMF deal, investor confidence will rise and lead to the government achieving its target or even surpassing it.

Ghana was able to secure its $3 billion deal with the IMF on May 17, 2023.

The government confirmed that the first tranche of $600 million had hit the Bank of Ghana’s account by close of day on Friday, May 19, 2023.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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