Gov’t exceeds Treasury Bills target by some 33 percent

The government exceeded its Treasury Bills (T-Bills) target by some 33 percent, recording GHS3.2 billion in the latest treasury auction.

The auction results showed that the government got extra GHS800,000 although it had targeted to raise about GHS2.4 billion to refinance treasury bill maturities.

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The majority of the bids came from the 91-day T-bills where a little over GHS1.991 billion were received. However, only GHS1,434 billion of the bids were accepted at an interest of 19 percent.

For the 182 data, GHS1.161 billion was tendered by investors out of which GHS925 million was accepted by the government.

The yield on the 182-day bill was around 22 percent.

Last week the government rejected all the bids for the sale of Treasury bills from investors who were demanding high-interest rates of about 35 percent.

The 35 percent plus interest rate from largely banks, according to the government was too expensive.

Source:3news.com|Ghana