The government failed to meet its treasury bills target for the sixth consecutive week as investors seek high-yielding financial instruments such as the Bank of Ghana bills.
According to the auction results by the Bank of Ghana, the government missed the target by 11.56%.
The treasury got GH¢2.967 billion as against a target of GH¢3.356 billion.
All the bids tendered were accepted by the government.
The majority of the bids once again came from the 91-day bill, with investors offering GH¢2.028 billion. This represented 68.37 of the total bids.
For the 182-day bill, investors tendered in only GH¢622.79 million.
A little over GH¢316 million of the bids came from the 364-day bill.
Meanwhile, interest rates continued to decline on the yield curve.
The yield on the 91-day bill went down by 14.0 basis points to 14.56%.
That of the 82-day bill also declined to 15.01% from the previous week’s 15.25%.
The yield on the 364-day bill also tumbled by 58 basis points to 15.16%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.028bn | 2.028bn |
| 182 Day Bill | 622.79m | 622.79 |
| 364 Day Bill | 316.27m | 316.27m |
| Total | 2.967bn | 2.967bn |
| Target | 3.356bn |
|
Source: Joy Business
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