The government failed to meet its treasury bills target, as demand continues to moderate.

According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by about 16%.

A little over GH¢4.9 billion were bought by the investors, as against a target of GH¢5.8 billion. The government, however, accepted about GH¢4.86 billion of the bids.

The 91-day bill was once again the most subscribed, as GH¢3.368 billion of the bids were tendered, representing 68.52% of the total bids. The uptake was, however, GH¢3.362 billion.

The 182-day bill recorded bids of GH¢749.67 million. A little above GH¢705 million was accepted.

For the 364-day bill, GH¢797.98 million of the bids were tendered. All the bids were accepted.

Meanwhile, interest rates went up across the yield curve.

The yield on the 91-day bill went down by 8.0 basis points to 4.99%.

That of the 182-day bill, however, remained unchanged at 7.04%.

On the other hand, the yield on the 364-day increased by 8.0 basis points to 10.45%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	3.36bn	3.36bn
182 Day Bill	749.67m	705.65m
364 Day Bill	797.98m	797.98m

Total	4.22bn	3.93bn
Target	4.486bn

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Treasury bills auction: Government fails to reach target, interest rates to increase

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