The government failed to meet its treasury bills target for the fifth consecutive week as investors continue to prefer Bank of Ghana bills, which offer higher returns.
According to the auction results published by the Bank of Ghana, the government narrowly missed the target by 5.61%.
The Treasury raised GH¢3.64 billion against a target of GH¢3.86 billion.
The majority of the bids came from the 91-day bill, with investors offering GH¢2.869 billion. This represented 75.04% of the total bids.
For the 182-day bill, investors tendered GH¢616.79 million, of which the Treasury accepted GH¢385.82 million.
A little over GH¢129 million of the bids came from the 364-day bill, but the Treasury accepted only GH¢60.81 million.
Meanwhile, interest rates continued to dip—albeit marginally—along the yield curve.
The yield on the 91-day bill went down by one basis point to 14.69%.
That of the 182-day bill also declined, falling to 15.25% from the previous week’s 15.45%.
However, the yield on the 364-day bill rose by 9 basis points to 15.65%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.896bn | 2.896bn |
| 182 Day Bill | 616.79m | 616.79m |
| 364 Day Bill | 129.60m | 60.81m |
| Total | 3.64bn | 3.34bn |
| Target | 3.86bn |