Interest rates are expected to rise further in the coming week, as government seeks more liquidity to finance its projects.
This is coming on the back of competitive yields on the Bank of Ghana’s Open Marketing Operations bills.
Interest rates hit nearly 30% on Friday, July 7, 2023, as the government recorded a 31% oversubscription of Treasury bills sale. The oversubscription was primarily a result of the lower target of ¢1.57 billion.
However, the cost of borrowing continues to rise, nearing the pre-Domestic Debt Exchange Programme.
Investors submitted combined bids worth GH¢2.07 billion across the 91-day to the 364-day T-bills, exceeding the target and the total maturities by 31.33% and 23.85%.
The government accepted GH¢1.98 billion of the total bids. It accepted bids at higher rates, across all tenors.
The 91-day yield recorded a 44 basis points increase to 24.39%, while the 182-day yield climbed 23 basis points to 26.03%. The yield on the 364-day tenor also advanced 39 basis points to 29.65%.
Meanwhile, analysts are perceiving market activity on the secondary market to remain around the GH¢100mn mark as investors hang on the fence for June 2023 inflation data and the mid-year budget review to gauge the tone of the economy.
Read Also: Dr Kwaku Oteng congratulates Tobinco boss for winning big at 2023 Pharma Awards
The Executive Chairman of Angel Group of Companies, Dr Kwaku Oteng, has congratulated the Executive Chairman of the Tobinco Group of Companies, Elder Nana Amo Tobbin I for excelling at the 2023 Pharma Awards.
Elder Nana Amo Tobbin I, was named Entrepreneur of the Year at the 5th edition of the Ghana Pharma and Healthcare Awards, held over the weekend at the Kempinski Hotel Gold Coast City Accra.
The Ghana Pharma Awards provides a platform to recognize individuals and companies that play a significant role in the growth and development of the pharmaceutical industry.
A subsidiary of the Tobinco Group of Companies, Entrance Pharmaceuticals and Research Centre, producer of Ghana’s number one Malaria drug, Lufart, won the Excellence in Health, Safety Environment, and Quality and Excellence in Contract Services and Outsourcing Awards.
The Tobinco Pharmaceuticals Limited (TPL), won the Excellence in Business Awards, Exporter of the Year Awards, and the Indigenous Company’s the Year Awards.
Pharma Awards
You may recall that at the 2021 Pharma Awards, the Executive Chairman of the Tobinco Group, Elder Dr. Nana Amo Tobbin I, won the CEO of the Year.
Elder Nana Amo Tobbin I, did not only demonstrate excellence in production but also in the development of the future in general by establishing the Entrance University College of Health Sciences, where students receive Quality Pharmaceutical Training.
In a tweet, Dr Kwaku Oteng congratulated his brother and fellow Businessman for winning the Entrepreneur of the Year and the others.
He described the latter as a display of true statesmanship, adding that it must be commended as such.
He wrote that,”Setting up a business is not an easy feat, so I can only imagine the challenges you have encountered along the way. Congratulations to Dr. Samuel Amo Tobbin, Executive Chairman of Tobinco Group, for winning the Entrepreneur of the Year!”
Source: Business Analyst