The government missed its ambitious treasury bills target by a whopping GH¢2.670 billion.
According to auction results from the Bank of Ghana, the government recorded an undersubscription of 35.90% from the sale of short-term instruments.
The government was seeking to raise an ambitious GH¢7.438 billion to settle maturing debt and finance projects.
However, it only managed to raise 64.1% of the total targeted amount.
All the bids submitted for the short-term instruments were accepted.
About GH¢2.59 billion came from the 91-day T-bills, representing 54.5% of the total bids.
It was followed by the 364-day bill with an estimated GH¢1.33 billion of the bids tendered.
A little over GH¢830 million were mobilised from the 182-day bill.
Meanwhile, interest rates surged across the yield curve.
The yield on the 91-day bill was up by 63 basis points to 25.64%.
The 182-day bill also increased to 26.92% from the previous week’s 26.81%. That of the 364-day bill inched up by 66 basis points to 28.67%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.598 billion | 2.598bn |
| 182 Day Bill | ¢ 830. 28 million | ¢ 830. 28 million |
| 364 Day Bill | 1.338 billion | 1.338 billion |
| Total | 4.767 billion | |
| Target | 7.438 billion |
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