The Government of Ghana has fallen short of its treasury bills target for the fifth consecutive week, with investors continuing to favour Bank of Ghana (BoG) bills that promise higher returns.
According to auction results released by the Bank of Ghana, the government missed its target by a narrow margin of 5.61%.
The Treasury raised GH¢3.64 billion against a target of GH¢3.86 billion.
The bulk of the bids came from the 91-day bill, attracting GH¢2.869 billion and accounting for 75.04% of total subscriptions. For the 182-day bill, investors tendered GH¢616.79 million, out of which GH¢385.82 million was accepted. A little over GH¢129 million worth of bids were received for the 364-day bill, but only GH¢60.81 million was accepted by the Treasury.
Interest rates, meanwhile, continued their downward trend, though marginally. The yield on the 91-day bill decreased slightly by one basis point to 14.69%.
The 182-day bill also experienced a decline, settling at 15.25% from the previous week’s 15.45%. However, the 364-day bill recorded a rise in yield, gaining 9.0 basis points to reach 15.65%.
Despite the subdued interest in government T-bills, the data reflects investor sensitivity to return margins in the current market climate.
