T-Bills Auction: Gov’t Fails To Meet Target, Accepts All Bids
The government failed to meet its treasury bill target this week, just a week after recording a 17% oversubscription.
According to auction results published by the Bank of Ghana, investor demand for the short-term instruments remains subdued due to declining yields.
The government raised GH¢3.537 billion from the sale of treasury bills and accepted all bids submitted by investors.
A significant portion of the bids came from the 91-day bill, which accounted for GH¢2.697 billion—representing 76.2% of total bids.
For the 182-day bill, bids amounted to GH¢554.06 million, while the 364-day bill attracted GH¢286.17 million in tenders.
Meanwhile, interest rates continued their downward trend, effectively reducing the government’s cost of borrowing on the domestic market.
The yield on the 91-day bill declined by 13 basis points to 14.92%. The 182-day bill recorded a yield of 15.48%, down from 15.55% the previous week. Similarly, the 364-day bill dropped by 9 basis points to 15.91%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.697bn | 2.697bn |
| 182 Day Bill | 554.06m | 554.06m |
| 364 Day Bill | 286.17m | 286.17m |
| Total | 3.537bn | 3.537bn |
| Target | 3.890bn |
Source: JoyBusiness
