T-bills auction: Government misses target again; interest rates fall

The government missed its treasury bills target again as liquidity remained tight on the money market.

According to the auction results from the Bank of Ghana, the government T-bills auction was undersubscribed by 38.55%

The government was seeking to raise GH¢ 5.980 billion but got GH¢ 3.67 billion.

All the bids tendered were accepted.

The majority of the bids came from the 91-day T-bill. This was about GH¢2.9 billion, representing 79.23% of the total bids.

A little over GH¢572 million came from the 182-day bill, while GH¢189.95 million were tendered for the 364-day bill.

Meanwhile, interest rates fell on the money market.

This is in line with a lower inflation compared to last year, though September 2024 inflation increased marginally.

The yield on the 91-day bills declined by 19 basis points to 25.45%.

That of the 182-day bill also fell to 26.80% from the previous week’s 26.92%.

The 364-day bill also dropped by 16 basis points to 28.51%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	2.911 billion	2.911 billion
182 Day Bill	572.95 million	572.95 million
364 Day Bill	189.95 million	189.95 million

Total	3.674 billion
Target	5.980 billion

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