Treasury bills were over-subscribed by GH¢1,050.65 million.
According to the auction results from the Central Bank, the government secured GH¢2.32 billion from the 91-day bill and GH¢435.19 million from the 182-day bill.
The 365-day bill did not have any subscriptions.
The target for the auction was GH¢1.7 billion. However, even though the subscriptions surpassed the target, it was lower than the GH¢3.35 billion secured by the government in last week’s auction.
The interest rates however hovered around 35.8%. Even though the interest rates are high and may be good for investors, this may cost the government more when they mature. After days of picketing, pensioner bondholders who did not sign on to the government’s domestic debt exchange programme, have been exempted according to the finance minister.
The government has therefore noted that the successful conclusion of the debt exchange programme will auger well for its negotiations with the IMF.
Finance Minister Ken Ofori-Atta noted that the main financing source for the 2023 budget is treasury bills and concessional loans.
According to him, this has become the case because of the closure of the international domestic bond market.
He made the comment when he appeared before parliament on February 16, 2023.
"Mr Speaker, as the domestic international domestic bond markets are shut, for the financing of government programmes, we are relying on treasury bills and concessional primary sources of financing for the 2023 budget,” he noted.
Here is the Cedi's performance as of February 20, 2023
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Treasury bills