Government, in its Friday, September 30, Treasury Bills auction mobilised some GHS 999m in short term debt from the domestic market.
Government in raising the aforementioned figure, exceeded its auction target of GHS 905m.
Bids tendered for the 91 day, 182 day and 364 day amounted to GHS 717m, GHS 145m and GHS 137m respectively with government accepting all bids tendered.
The 91 day, 182 day and 364 day Treasury Bills were auctioned at interest rates of 30.8%, 31.8% and 32.0% respectively.
The oversubscription of government’s short term debt issued last Friday, follows a slump in the auction target of GHS 1.33bn set in the previous auction.
Government in the previous auction mobilised some GHS 1.19bn, a shortfall of GHS 139m from the auction target of GHS 1.33bn.
This was the first time in 15 weeks that the government failed to achieve its auction target.
Failure to achieve the set auction target was on the back of talks of domestic debt restructuring by government as a prerequisite for an IMF deal.
Per reports, the domestic debt restructuring by government will involve either a cut in principal loans owed investors or a reduction in interest on loans.
Meanwhile, government in the next auction will be seeking to raise some GHS 1.17bn in the issuance of the 91 and 182 day Treasury Bills.