Latest data from the Bank of Ghana shows that the government missed its Treasury bill target despite fully accepting market bids, falling short by GHS 352 million. This reflects a 9.06% undersubscription.
According to the Central Bank’s auction results, the government aimed to raise GHS 3.89 billion but received total bids of GHS 3.53 billion.
Despite the shortfall, all bids across the tenors were fully accepted. The government took up the entire GHS 2.69 billion tendered for the 91-day Treasury bill, as well as GHS 554 million for the 182-day and GHS 286 million for the 364-day offers—likely reflecting end-of-month liquidity needs.
Meanwhile, interest rates continued to decline across the curve.
The 91-day yield dropped by 14 basis points to 14.79%, down from 14.92% the previous week.
The 182-day rate eased by 7 basis points to 15.48%, while the 364-day bill declined by 9 basis points to 15.91%.
The government is targeting GHS 6.67 billion in its upcoming auction.
