{"id":1226777,"date":"2022-10-17T15:00:44","date_gmt":"2022-10-17T15:00:44","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/17\/government-achieves-11-oversubscription-of-t-bills-sale-but-interest-costs-surge\/"},"modified":"2022-10-17T15:00:44","modified_gmt":"2022-10-17T15:00:44","slug":"government-achieves-11-oversubscription-of-t-bills-sale-but-interest-costs-surge","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/17\/government-achieves-11-oversubscription-of-t-bills-sale-but-interest-costs-surge\/","title":{"rendered":"Government achieves 11% oversubscription of T-bills sale, but interest costs surge"},"content":{"rendered":"

<\/p>\n

\n

Government achieved a marginal oversubscription of its Treasury bills sale, according to results published by the Bank of Ghana.<\/p>\n

The oversubscription of 11.64% was however realised at higher interest rates.<\/p>\n

According to the results, government secured a total of \u00a21.088 billion, against a target of \u00a2974.51 from the sale of the short-term instruments.<\/p>\n

Bids tendered in were estimated at \u00a21.088 billion, which the government accepted all.<\/p>\n

Some market watchers may attribute the slight oversubscription of the financial instruments to a reduction in the targeted amount.<\/p>\n

But despite the oversubscription of the targeted amount, the government will spend more to repay the borrowed funds at maturity.<\/p>\n

Again, the increased appetite for borrowing by the government is crowding out the private sector from access to financing.<\/p>\n

Whilst the 91-day T-bills went up by 0.43% to 31.39%, that of the 182-day T-bill also hit 32.23%, from 32 % the previous week.<\/p>\n

The 364-day however sold for 32.06%, lower than the 6-months bill.<\/p>\n

In 2022, the government is expected to spend \u00a242 billion of tax revenue as interest payments.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Securities<\/strong><\/td>\nBids Tendered (GH\u00a2)<\/strong><\/td>\nBids Accepted (GH\u00a2)<\/strong><\/td>\n<\/tr>\n
\u00a091 Day Bill<\/td>\n\u00a0830.33 million<\/td>\n\u00a0830.33<\/td>\n<\/tr>\n
182 Day Bill<\/td>\n\u00a094.34 million<\/td>\n\u00a094.34 million<\/td>\n<\/tr>\n
\u00a0364 Day Bill<\/td>\n\u00a049.84<\/td>\n\u00a049.84<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total<\/strong><\/td>\n1.088<\/td>\n1.088<\/td>\n<\/tr>\n
Target<\/strong><\/td>\n974.51<\/td>\n\ufeff974.51<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Government achieved a marginal oversubscription of its Treasury bills sale, according to results published by the Bank of Ghana. The oversubscription of 11.64% was however realised at higher interest rates. According to the results, government secured a total of \u00a21.088 billion, against a target of \u00a2974.51 from the sale of the short-term instruments. Bids tendered […]<\/p>\n","protected":false},"author":1,"featured_media":1169824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[12021,3937,1090,4233,27192,5593,3163,5082],"class_list":{"0":"post-1226777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-achieves","9":"tag-costs","10":"tag-government","11":"tag-interest","12":"tag-oversubscription","13":"tag-sale","14":"tag-surge","15":"tag-tbills"},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1226777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1226777"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1226777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1226777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1226777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1226777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}