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Government exceeds T-bills target by 16%; records ¢1.541bn sale

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Ken Ofori-Atta

Government exceeded its Treasury bills sale target by 16.5%, a week after failing to achieve the target for the auctioning of the short term securities.

However, interest rates continue to surge, surpassing the 24%.

The increase in interest rates may have contributed to the successful sale of the short term instruments. 

Interest rate on the 91-day T-bills which was the most patronised went up from 23.69% the previous week to 24.5%, whilst that of the 6-months bill also shot up to 25.98%, from 25.4 percent.

The rising interest rates on the domestic market indicates that government will pay more interest on these financial instruments when they mature.

According to the May 2022 Monetary Policy Report by the Bank of Ghana, total interest payments amounted to ¢10.608.billion over the review period, higher than the envisioned target of ¢10.037 billion.

Meanwhile, a little above ¢1.31 billion was realized from the sale of the 3-months bill which will mature on September 20th 2022.

A careful analysis indicates that the investors largely the banks prefer the 91-day T-bills. The target for the bills was ¢1.325 billion.

Government however secured ¢1.541 billion from the sale of the short term instruments

It is the hope of many analysts and market watchers that the improve liquidity will be sustained in the upcoming auctioning on Friday June 24th and subsequently.     

Securities Bids Tendered (GH¢) Bids Accepted (GH¢) Interest rate
91 Day Bill 1.311billion  1.293 billion 24.5%
182 Day Bill 231.96 million  211.12 million 25.98%
       
       
Total 1.541 billion  1.504 billion  
Target 1.325 billion



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Ghana has one-month crude oil supply – NPA

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The National Petroleum Authority (NPA) has revealed that Ghana currently has a one-month supply of crude oil in storage capacity.

The Authority, however, is assuring the populace that there is no cause for alarm as they have the product available for the consuming public.

The admission follows Bloomberg’s prediction that Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

The monthly fuel import bill for Ghana jumped to $450 million in May, from $250 million in January.

The Central Bank is only offering about $100 million a month at its foreign exchange auctions making dollars difficult for the oil marketing companies to come by.

But the Director of Communications at the NPA, Kudus Mohammed, tells JoyNews in an interview that the situation is under control.

“We don’t have to grant permission to an unnecessary number of vessels that might bring the product so that you will be finding it difficult as to where to put them. So there is a certain regular timetable that guarantees who brings what at what time and the Planning Department is able to gauge at a particular time, what is the need of the consuming public, what is available across the country and who should actually be granted a permit.

“Diesel particularly is becoming a very scarce commodity in the market. So what is primarily important is the access of it and the regular amount which is supposed to be available to the consuming public as and when they will want it,” he told host George Wiafe.  



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Ghana has one-month crude oil supply – NPA

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File photo

The National Petroleum Authority (NPA) has revealed that Ghana currently has a one-month supply of crude oil in storage capacity.

The Authority, however, is assuring the populace that there is no cause for alarm as they have the product available for the consuming public.

The admission follows Bloomberg’s prediction that Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

The monthly fuel import bill for Ghana jumped to $450 million in May, from $250 million in January.

The Central Bank is only offering about $100 million a month at its foreign exchange auctions making dollars difficult for the oil marketing companies to come by.

But the Director of Communications at the NPA, Kudus Mohammed, tells JoyNews in an interview that the situation is under control.

“We don’t have to grant permission to an unnecessary number of vessels that might bring the product so that you will be finding it difficult as to where to put them. So there is a certain regular timetable that guarantees who brings what at what time and the Planning Department is able to gauge at a particular time, what is the need of the consuming public, what is available across the country and who should actually be granted a permit.

“Diesel particularly is becoming a very scarce commodity in the market. So what is primarily important is the access of it and the regular amount which is supposed to be available to the consuming public as and when they will want it,” he told host George Wiafe.  



Source link

Continue Reading

Business

Ghana has one-month crude oil supply – NPA

Published

on


File photo

The National Petroleum Authority (NPA) has revealed that Ghana currently has a one-month supply of crude oil in storage capacity.

The Authority, however, is assuring the populace that there is no cause for alarm as they have the product available for the consuming public.

The admission follows Bloomberg’s prediction that Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

The monthly fuel import bill for Ghana jumped to $450 million in May, from $250 million in January.

The Central Bank is only offering about $100 million a month at its foreign exchange auctions making dollars difficult for the oil marketing companies to come by.

But the Director of Communications at the NPA, Kudus Mohammed, tells JoyNews in an interview that the situation is under control.

“We don’t have to grant permission to an unnecessary number of vessels that might bring the product so that you will be finding it difficult as to where to put them. So there is a certain regular timetable that guarantees who brings what at what time and the Planning Department is able to gauge at a particular time, what is the need of the consuming public, what is available across the country and who should actually be granted a permit.

“Diesel particularly is becoming a very scarce commodity in the market. So what is primarily important is the access of it and the regular amount which is supposed to be available to the consuming public as and when they will want it,” he told host George Wiafe.  



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