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

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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

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