Data from the Bank of Ghana (BoG) reveals that the government significantly surpassed its target in its latest attempt to raise funds from the local market through Treasury Bills (T-Bills).
While the initial goal was to raise GHS 7.73 billion, the government received GHS 9.6 billion in bids, exceeding the target by 165%.
The bids for the 91-day and 182-day T-Bills totaled GHS 7.38 billion and GHS 5 billion, respectively. The government accepted GHS 4.23 billion for the 91-day T-Bill and GHS 1.43 billion for the 182-day T-Bill.
Additionally, bids for the 364-day T-Bill amounted to GHS 8.11 billion, with GHS 3.96 billion being accepted.
Despite the high demand, interest rates on the short-term instruments declined. The 91-day and 182-day T-Bill rates fell to 24.47% and 25.38%, down from 26.85% and 27.80%, respectively. Similarly, the 364-day T-Bill interest rate dropped to 27.29% from 29.07%.
The government is aiming to raise an additional GHS 6.49 billion in debt on Friday, February 28, 2025. This follows the government’s recent success in surpassing its Treasury bill target by GHS 1.9 billion and rejecting over GHS 10 billion in bids just last week.
