The government exceeded the T-Bills auction target last week Friday, December 16 by some GH¢1.68bn.
Target set for the T-Bills auction was GH¢1.98bn. Government at the end of the auction mobilised funds in excess of GH¢3.67bn.
This is the fifth time in a row that Government has exceeded its auction target.
The first time was five weeks ago when the Government exceeded its target by GHS 487m mobilising some GH¢1.65bn in total bids.
The second was four weeks ago when Government mobilised funds in excess of GHS 2.39bn against a target of GHS 2.17bn.
The third was three weeks when Government exceeded its target by GH¢896m mobilising some GH¢2,748 million in total bids.
Prior to that, the Government had for four consecutive weeks missed its auction targets.
Bids tendered for the 91, 182 and 364 day were GH¢2.39bn, GHS 691m and GH¢586m respectively with government accepting all bids tendered in.
The 91, 182 and 364 day bills were auctioned at high interest rates of 36.5%, 36.6% and 36.4% respectively.
In the next auction – 91 day and 182 day T-Bills – Government will once again be seeking to raise a total of GHS 1.43bn from the domestic debt market.
Source: norvanreports