The government recorded GHS4.2 billion in the most recent treasury auction, exceeding its Treasury Bills (T-Bills) target by around 75%.
Although it had aimed to generate roughly GHS2.4 billion to refinance treasury bill maturities, the auction results showed that the government received an additional GHS800,000.
A little more than GHS1.991 billion in 91-day T-bill bids, which comprised most of the offers, were received. However, only GHS1,434 billion worth of the recommendations were accepted at a 19 percent interest rate.
Investors submitted GHS1.161 billion for the 182 data, of which the government accepted GHS925 million.
The 182-day bill had a yield of almost 22%.
This Monday, the government turned down all offers from investors who wanted to buy Treasury bills at high-interest rates of around 35%.
According to the government, the 35 percent plus interest rate from primarily banks was too high.
Source: Paa Kwasi Asare|3news.com|Ghana