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Govt receives GHS1.79bn from treasury bills auction

Government secured GH¢1.79 billion from the sale of treasury bills in its latest auction held on April 17, 2023.

The auction saw an oversubscription of GH¢125.58 million even though interest rates have been rising.

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The target for this week’s auction was GH¢1.66 billion.

Also, interest rates have increased slightly to an average of between 19.74% to 26.9%.

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According to the auction results from the Central Bank, the government secured GH¢1.48 billion from the 91-day bill, GH¢227.11 million from the 182-day bill, and GH¢87.81 million from the 364-day bill.

Interest rates however increased slightly to 19.74% for the 91-day bill, 22.47% for the 182-day bill, and 26.9% for the 364-day bill.

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Deputy Finance Minister John Kumah has assured that interest rates will come down in the next few months.

According to him, the government is putting up measures to ensure that the rates drop further than it has in recent times.

“At the moment T-Bill rate in January was at about 35%, today it is below 20%, and we are still forcing it down.”

“So that in the end once we tackle inflation and it also comes down, we are now going to see the cost of borrowing coming down within reasonable limits for businesses to have the liquidity to operate,” he was quoted by asaasenews.com.

He added, “So if you don’t have a solid macro-economic environment, businesses will suffer and we are working to restore a healthy macro-economic environment so that businesses will do well.”

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