T-bills: Government fails to achieve target despite fall in interest rates

The government treasury bills were undersubscribed for the first time in about three weeks despite a reduction in interest rates.

According to auction results by the Bank of Ghana, the Treasury received approximately GH¢6.8 billion, compared to a target of GH¢8.58 billion.

The majority of the bids came from the 91-day bill.

A little over GH¢5.02 billion, representing 72.9% of the bids, were tendered for the 3-month bill. The uptake was GH¢4.99 billion.

For the 182-day bill, GH¢1.372 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.237 million.

On the other hand, GH¢490.41 million were tendered for the 364-day bill. About GH¢452 million were accepted.

Meanwhile, the yield on the 91-day bill went down by 9.0 basis points to 10.20%.

That of the 182-day bill also fell to 11.54% from 12.35% the prior week.

Similarly, the yield on the 364-day bill decreased by 14 basis points to 13.10%.