Liquidity in Ghana’s money market remains constrained as the government fell short of its treasury bill target by GH₵2.6 billion in the latest auction.
According to auction results from the Bank of Ghana, the government managed to raise GH₵4.7 billion through short-term instruments, against a target of GH₵7.4 billion, marking an undersubscription of approximately 35.9%.
The 91-day treasury bill garnered the highest level of interest, with all GH₵2.59 billion tendered being accepted. The 182-day bill attracted about GH₵830 million in bids, while the 364-day bill accounted for GH₵1.3 billion of the total.
Yields on treasury bills saw a slight uptick, with interest rates ranging between 25% and 28%.
Market analysts attribute this trend to the high auction target, combined with ongoing liquidity challenges in the market.
The Treasury is expected to raise its borrowing target to GH₵5.98 billion in the upcoming T-bill auction.
