For the first time in 10 weeks, the government recorded an oversubscription of its treasury bills sale.

However, it paid a higher price for the 91-day bill which it received bids worth GH¢4.689 billion before achieving its target. 

According to auction results from the Bank of Ghana, the government got GH¢5.529 billion from all the bids tendered, about 2.40% more than the target.ed amount

All the bids were accordingly accepted.

The 91-day bill received the bulk of the bids of GH¢4.689 billion, about 84% of the total bids.

About GH¢594 million of the bids came from the 182-day bill, whilst GH¢245.74 million were made up of the 364-day bills.

Meanwhile, interest rates were mixed across the yield curve.

Whilst the yield on the 91-day bill went up marginally that of the 182-day and 364-day bills declined slightly.

The yield on the 91-day bill was 24.91%, higher than the 24.90% recorded a week ago.

The rate on the 182-day bill went down by 2.0 basis points to 26.78%, whereas that of the 364-day bill also declined to 28.07%, from the previous week’s 27.91%.

Inflation eased marginally last week. This could push interest rates down but albeit slowly.

Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, has expressed outrage over the government’s prolonged failure to assist individuals affected by the Akosombo Dam spillage.

Despite the disaster occurring almost a year ago, many affected persons remain in camps without receiving compensation or necessary support to resume their lives.

Addressing a stakeholder public hearing, Ablakwa revealed that over 1,300 affected persons still live in camps, criticising the government’s approach as inadequate.

He highlighted the government’s inter-ministerial committee’s failure to engage with MPs from impacted areas, despite being established to address the issue.

“You heard the government set up a 30-member committee. We are the inter-ministerial committee. To be very honest with you, we are very disappointed that that committee has not met us even once. I mean, a lot of the members, we are in parliament with them. I would have thought that even if it’s parliament, we can meet here.”

“We can even meet at the cafeteria, even over coffee that, oh, share data with us or tell us what is happening. You know, not one meeting, not so, we don’t know if it was just maybe an announcement for the public for some cosmetic reason, but we don’t know.

The chiefs time without a number, they will even call us. You are in parliament with them. When is the committee coming? and we can’t provide answers because we are not, we haven’t been engaged.”

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has vehemently criticized President Nana Addo Dankwa Akufo-Addo for his dishonesty regarding the funding of the National Cathedral.

Ablakwa accused the President of deceiving the public, religious leaders, and even God about the project’s funding sources.

Despite initial assurances that public funds would not be used, it was later discovered that state funds had been allocated to support the construction, sparking widespread opposition and criticism.

In an interview with Selorm Adonoo on The Point of View on Channel One TV, Ablakwa condemned the President’s actions as a blatant disregard for the Constitution, highlighting the failure to secure parliamentary approval for the use of public funds.

“How on earth can you spend $58.1 million to establish the world’s most expensive pit? In the name of building a Cathedral? And the deception, you tell us you won’t use public funds, it’s a private pledge, only for me to start intercepting documents. Apparently, the eminent clergy has been deceived, the Ghanaian people have been deceived and worst of all the Almighty [God] has been deceived.

“I made an RTI request to the Procurement Authority on whether they are aware of this project, and they promptly responded, no, it has not come to their procurement process, and they know nothing about the project.

“I mean unbelievable and shocking levels of lack of accountability, lack of due process, and disregard for our constitution. The constitution is very clear, you cannot spend public funds without parliamentary approval, and all of that, fragrant violence of our Constitution and our laws.”

On July 3, 2024, the Minister of State at the Finance Ministry, Abena Osei Asare, addressed Parliament and announced that an amount of GH₵339 million had been disbursed for the National Cathedral project.

She explained that the ministry had committed this funding to ensure the project’s completion, providing it with the necessary financial support.