Ghana: Press spotlights over subscription of T-Bills by GH¢799m, others

APA – Accra (Ghana)
The report that 91, 182, and 364-day treasury bills auctioned by the government last week was over-subscribed by GHc 799 million, despite a marginal drop in the interest rates is one of the trending stories in the Ghanaian press on Monday.
The Graphic reports that 91, 182, and 364-day treasury bills auctioned by the government last week was over subscribed by GHc 799 million, despite a marginal drop in the interest rates.
The auction saw the government accepting bids totaling GHc3.9 billion against a target of GHc3.1 billion.
A total of GHc3.24 billion and GHc410m bids were tendered for the 91 day and 182 day with the government accepting bids amounting to GHc3.14 billion and GHc409 million respectively.
For the 364-day bill, a total of GHc353 million was tendered with the government accepting bids worth GHc348 million.
The interest rates on the government instruments also saw a marginal drop, with interest on the 91- day bills dropping by 0.1% to 29.8% and that of the 182-day also dropping by 0.3% to 31.8%. Interest on the 365-day bill also dropped by 0.3% to 33.4%.
This week, the government intends to raise GHc3.26 billion on the treasury bill market to finance its activities.
The newspaper says that some parts of Accra experienced moderate form of Earth Tremor on Sunday morning, November 12, 2023, at about 7:18am.
Residents of areas such as Gbawe, Nsakina, Obeyeyie, Kasoa, Sowutuom, Sarpeiman, Ngleshie Amanfro and La, who experienced the tremor have started sharing their experiences on social media.
The Ghana Geological Survey Authority (GSSA) is yet to confirm the magnitude of the incident.
The GSSA, however, has said a team of seismologists are actively gathering data to determine the epicenter, magnitude and other factors of this event.
On March 10, this year, parts of Accra also experienced a minor earth tremor, which the Ghana Geological Survey Authority put the magnitude at 2.8 on the Richter scale.
Similarly, December12, 2022, parts of Accra also experienced tremor which occurred three times in a space of about five hours.
The first was experienced around 6:53 am, also in the western part of Accra, the second around 10am at same places and the third occurred at 11:53am, 10 km from Gbawe.
The Ghanaian Times reports that Ghana has successfully secured the hosting rights for the Africa Regional Headquarters of the International Fund for Public Interest Media (IFPIM).
This was jointly announced by Minister of Information, Kojo Oppong Nkrumah, and the French Minister of State for Development and International Partnerships, Chrysoula Zacharopoulou, during the Paris Peace Forum in France on Thursday, November 10, 2023.
The move marks a significant milestone in the Ghana’s commitment to support press freedom and independence of the media.
Ghana won the bid following a competitive bidding process, having provided a dedicated office for the IFPIM headquarters and pledged to extend diplomatic courtesies to the international staff operating from the Africa Regional Headquarters, to be established in Accra.
The status of the office is expected to mirror that of the African Continental Free Trade Area (AfCFTA) office, showcasing Ghana’s strategic position as a hub for regional initiatives.
The IFPIM, a global coalition supported by governments, philanthropic organisations, and private companies, aims to address structural challenges facing independent journalism in low- and middle income countries.
The fund seeks to chart a course towards long-term economic resilience for media organisations, contributing to the health and sustainability of democratic societies.
It is dedicated to supporting and strengthening independent journalism globally while addressing challenges faced by media outlets in low-and middle-income countries, promoting press freedom and independence.
Speaking to the press after the announcement, Mr Oppong Nkrumah emphasized the substantial benefits the Ghanaian media would derive from IFPIM’s presence.
The newspaper says that the Ghana Cocoa Board (COCO¬BOD) has assured its stakeholders that the necessary arrangements have been made to secure enough funding for cocoa purchases for the 2023/24 crop season.
A statement issued by COCOBOD yesterday said, “The Board has so far received firm response from our bankers in this regard, and the Cocoa syndicated Loan has been laid in Parliament for consideration and approval.”
It was in response to some recent publications in the news media in relation to funds for cocoa purchases for the 2023/24 crop season.
The statement explained COCOBOD planned a two-prong financing for the 2023/2024 crop season in an effort to diversify its source of funding for the annual cocoa purchases.
The strategy, it added, was to use a pre-financing arrangement with the international buyers to raise an amount of US$400 million for purchases at the beginning of the season in September 2023.
Those initial funds, COCOBOD said, were expected to be augmented by an additional US$800 million loan from a syndicate of lenders by the end of November, 2023.
However, after engagements with buyers for several weeks, it said the arrangement was discontinued.
“Thus, since the beginning of the season, cocoa purchases have been financed with non-collateralised cocoa sales proceeds. COCOBOD is therefore still in the process of securing the syndicated loan for the 2023/24 crop season,” the statement said.
GIK/APA