The Government of Ghana has sold little above the target for its Treasury Bills auctioning, a Joy Business report has said.
According to the portal, the development comes after government secured GH¢1.395 billion from the auction sale of the 91-day and 182-day T-bills which represents nearly 14 percent oversubscription.
Despite this, the T-bill auction sale will come at a higher cost for government as it seeks to achieve the target of GH¢1.228 billion in a move to woo local investors especially commercial banks operating in the country.
Results from the auction as of Friday June 3 showed the 3-months treasury bill was the financial instrument which was highly patronised. However, this came at an interest cost of 22.57 percent.
Other results from the sale saw government secure GH¢1.22 billion from the 3-months short-term instrument. For the 182-day T-bills, government secured GH¢172.9 million which came at an interest rate of 24.41 percent.
The recent auctioning results follow months of under-subscriptions for the financial instrument