For the first time in weeks, the government missed its goal for treasury bills by 20%, failing to meet its goal.

Out of the objective of GH2415 million, the government succeeded in GH1930 million, according to the results of the most recent Bank of Ghana auction on January 20, 2023.

The 91-day bills, 182-day bills, and 364-day bills produced the biggest amounts of money, totaling GH 1,581.49 million, GH 292.43 million, and GH 56.82 million, respectively.

Interest rates have remained high at 35.8%, nearly the same rate as for last week's auction, despite the steep fall that can be linked to uncertainty caused by controversies surrounding the debt swap scheme.

Last week’s auction saw an oversubscription of 52% of the target.

Treasury bills have been oversubscribed since the announcement of the debt exchange programme by the government.

The government noted that treasury bills were exempt from the programme, an assurance many attributed the confidence in the securities market to.

Meanwhile, the finance minister after meeting individual bondholders assured that treasury bills will not be affected by the debt exchange programme.

“We can’t afford to touch it. Let me assure you, Treasury bills will forever remain sacrosanct. Treasury bills are exempted completely. We have done the sustainability analysis. We are not including treasury bills. That is how government funds its operations,” he said.