The government failed to meet its treasury bills target last week, only days after returning to an oversubscription of the short-term instruments.
According to auction results published by the Bank of Ghana, the Treasury raised a little over GH¢6.50 billion, falling short of its GH¢8.28 billion target.
Once again, the 91-day bill dominated investor interest. Bids worth GH¢5.49 billion were submitted, with GH¢5.25 billion accepted. For the 182-day bill, GH¢789.20 million in bids were tendered, of which GH¢784.20 million was taken up. Meanwhile, the 364-day bill recorded GH¢214.99 million in bids, with GH¢209.54 million accepted.
Interest Rates Movement
Yields on the shorter end of the market edged up, reflecting subdued investor demand. The 91-day bill rose by 11 basis points to 10.53%, while the 182-day bill climbed slightly to 12.44% from 12.41% the previous week. In contrast, the yield on the 364-day bill eased by 2 basis points to 12.95%.
