Ghana missed its target of raising GH¢3.79 billion ($630 million) from selling treasury bills on June 18, 2023.
The auction was short of GH¢771 million ($128 million), as investors showed less appetite for the government debt. The government only managed to get GH¢3.01 billion ($502 million) from the auction of treasury bills with different maturities.
This was an improvement from the previous week, but still below expectations. The interest rates for the treasury bills also went up across all maturities. The 91-day bill rose to 21.69%, the 182-day bill climbed to 24.97%, and the 364-day bill increased to 28.91%.
The Central Bank’s auction results showed that the government got GH¢2.39 billion ($398 million) from the 91-day bill, GH¢521.12 million ($86 million) from the 182-day bill, and GH¢99.79 million ($16 million) from the 364-day bill.
The International Monetary Fund’s mission team said that Ghana’s economy was stabilising after a month of implementing its economic recovery programme.