T-bills: Government fails to meet target for second week running

The government failed to meet its treasury bills target for the second week running. According to auction results by the Bank of Ghana, the government’s T-bills were undersubscribed by nearly 30%.

The Treasury received a little over GH¢3 billion, compared to a target of GH¢4.24 billion.

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

A little over GH¢2.0 billion, representing 68.4% of the bids, were tendered for the 3-month bill. The uptake was GH¢2.02 billion.

For the 182-day bill, GH¢678.18 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢537.69 million

Also, GH¢272.58 million were tendered for the 364-day bill. About GH¢167 million were accepted.

Meanwhile, Interest rates were, however, mixed on the yield curve

The yield on the 91-day bill went down by 7.0 basis points to 10.13%.

That of the 182-day bill, however, went up to 12.23% from 11.54% the previous week.

The yield on the 364-day bill nonetheless decreased by 2.0 basis points to 13.08%.