At the latest auction on Friday, May 3, 2024, patronage for government treasury bills saw a marginal over-subscription of approximately 17 percent. Initially targeting to borrow about 2.96 billion cedis, the government received slightly over 3.46 billion cedis, exceeding its target by an additional 500 million cedis.
Of the total amount borrowed, approximately 58 percent came from the 91-day treasury bills, while the 182-day bill accounted for around 33 percent, with the one-year note making up only 9 percent. Analysts attribute this preference for shorter-dated instruments to reduced confidence in the government's longer-dated instruments due to the challenging economic environment.
Meanwhile, interest rates on treasury bills continue to trend downward. The rate for the 91-day treasury bill stands at about 25.45%, while the 182-day bill is going for 27.39%, with the one-year note at almost 28 percent .