Recent figures from the Bank of Ghana indicate that the government did not meet its Treasury bill target, despite accepting all market bids, resulting in a shortfall of GHS 352 million. This represents a 9.06% undersubscription.
As per the Central Bank’s auction results, the government set out to raise GHS 3.89 billion but only received bids totaling GHS 3.53 billion.
Even with the shortfall, every bid across the various tenors was fully accepted. The government accepted the entire GHS 2.69 billion offered for the 91-day Treasury bill, along with GHS 554 million for the 182-day and GHS 286 million for the 364-day offers—likely due to liquidity needs at the end of the month.
In the meantime, interest rates have continued to decrease across the board. The yield on the 91-day bill fell by 14 basis points to 14.79%, down from 14.92% the week before.
The 182-day rate decreased by 7 basis points to 15.48%, while the 364-day bill saw a decline of 9 basis points to 15.91%.
The government is aiming for GHS 6.67 billion in its next auction.
Source: HotFmOnline.com
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