For the second week running, the government failed to meet its treasury bills target. According to the auction results by the Bank of Ghana, the government recorded 20.14% undersubscription of its auction target.

According to auction results, the government got GH¢3.93 billion as against a target of GH¢ 4.93 billion. It, however, accepted GH¢3.23 billion of the bids.

The most subscribed bill was the 91-day bill, as GH¢2.55 billion of the bids were tendered, representing 64.7% of the total bids. However, the uptake was GH¢2.21 billion.

For the 182-day bill, GH¢762.97 million of the bids were tendered. The bids accepted were GH¢661 million.

The 364-day bill recorded bids of about GH¢625.12 million. The uptake was GH¢ 359.17 million.

Meanwhile, interest rates surged once again on the yield curve.

The yield on the 91-day bill increased by 3.0 basis points to 4.81%.

That of the 182-day bill also went up to 6.62% from 6.36% the preceding week.

Similarly, the yield on the 364-day bill inched up by 19 basis points to 9.77%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	2.55bn	2.21bn
182 Day Bill	762.97	661.00m
364 Day Bill	625.12m	359.17m

Total	3.93bn	3.23bn
Target	4.932bn

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Ghana government fails to meet borrowing target; interest rates rise sharply

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