The government treasury bill auction returned to its undersubscription trajectory a week after it recorded a marginal oversubscription.
According to the Bank of Ghana auction results, the Treasury failed to meet its target by GH¢1.486 billion.
The government got GH¢5.881 billion from the sale of the short-term instrument, as against a target of GH¢4.394 billion, a 25.7% undersubscription.
All the bids were accordingly accepted.
The 91-day bill received the bulk of the bids of GH¢3.788 billion, about 85.97% of the total bids.
About GH¢441.43 million of the bids came from the 182-day bill, while GH¢175.04 million were made up of the 364-day bills.
Meanwhile, interest rates rose across the yield curve.
The yield on the 91-day bill was up by 11 basis points to 25.01%.
The rate on the 182-day bill increased by 3.0 basis points to 26.81%, whereas that of the 364-day bill also inched up to 28.07% from the previous week’s 27.91%.
Despite an expected decline in inflation, interest rates remain high on the money market.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.778 billion | 3.778 billion |
| 182 Day Bill | 441.43 million | 441.43 million |
| 364 Day Bill | 175.04 million | 175.04 million |
| Total | 4.394 billion | |
| Target | 5.881 billion | |
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