Treasury bills, concessional loans primary source of budget financing - Ofori-Atta intimates

Finance Minister Ken Ofori-Atta has noted that the main source of financing for the 2023 budget are treasury bills and concessional loans.

According to him, this has become the case because of the closure of the international domestic bond market.

He made the comment when he appeared before Parliament on February 16, 2023.

"Mr.

Read full articleSpeaker, as the domestic international domestic bond markets are shut, for the financing of government programmes, we are relying on Treasury bills and concessional primary sources of financing for the 2023 budget.

"We, therefore, call on this House to support government financing requests to ensure a full recovery from these economic challenges," he said.

Meanwhile, Treasury bills saw an oversubscription in their latest auction on February 10, 2023.

According to the auction results from the Central Bank, the government secured GH¢3.35 billion from the 91, 182, and 364-day Treasury bills.

This is GH¢590.49 million away from its GH¢2.759 billion target.

The majority of the subscriptions were from the 91-day bill which secured GH¢2.07 billion and GH¢398 million from the 182-day bill and GH¢875.68 million from the 364-day bill.

The interest rates, however, hovered around 35.8%.

SSD/FNOQ