The government raised GH¢2.79 billion from treasury bills sales on June 9, 2023, exceeding its target of GH¢2.63 billion by GH¢168.53 million.
The auction attracted high demand despite the rising interest rates on the bills. The government sold GH¢1.50 billion of 91-day bills, GH¢982.71 million of 182-day bills, and GH¢308.36 million of 364-day bills.
The interest rates on the bills increased from 20.25% to 21.26% for the 91-day bill, from 22.82% to 23.95% for the 182-day bill, and from 27.36% to 27.82% for the 364-day bill.
Treasury bills are short-term debt instruments issued by the government to finance its budget deficit and manage its liquidity needs. They are considered low-risk investments that offer attractive returns for investors.
The rising interest rates on the treasury bills reflect the high inflation and fiscal pressures facing the country, as well as the tight monetary policy stance of the Central Bank.