T-Bills Auction: Government misses target, secures GH¢5.47bn in bids

The government failed to meet its treasury bill target for the second week in a row.

According to auction results released by the Bank of Ghana, the government received GH¢5.471 billion out of the total bids submitted by investors.

However, GH¢1.095 billion of the bids were rejected, largely as part of efforts to lower the cost of servicing the debt.

The government had targeted GH¢6.669 billion in its latest weekly auction of treasury bills.

Once again, the majority of the bids came from the 91-day bill, which accounted for GH¢3.507 billion, representing 64.07% of total bids.

For the 182-day bill, bids worth GH¢1.806 billion were tendered, with GH¢1.674 billion accepted.

The 364-day bill attracted bids totaling GH¢157.18 million, but only GH¢48.44 million were accepted.

Meanwhile, interest rates declined for both the 182-day and 364-day bills, reflecting the government’s continued strategy to push rates downward.

However, the rate on the 91-day bill remained unchanged at 14.79%.

The yield on the 182-day bill dropped by three basis points to 15.45%, while the 364-day bill fell by 12 basis points to 15.71%.