T-bills auction: Government misses target for third consecutive week

The government has missed its target for the third week consecutively in treasury bills due to investors’ drift towards fixed deposits instead.

Auction results by the Bank of Ghana reveals the government treasure bills were undersubscribed by almost 10%.

GH¢5.817 billion of the bids tendered but the Treasury only accepted GH¢5.754 billion.

Majority of the bids came from the 91-day bill.

About GH¢4.049 billion was tendered making up 69.61% of the total. An uptake ofGH¢4.029 billion was recorded.

GH¢1.337 billion of the bids were tendered for the 182-day bill. An estimated tune of GH¢1.327 billion was accepted.

For the 360-day bill however, GH¢430.38 million was tendered with about GH¢397.82 million accepted.

While the yield on the 91-day bill and 182-day bill shot up, that of the 364-day bill experienced a marginal decline.

The yield on the 91-day bill increased by 28 basis points to 10.41%, while the 192-day bill shot up from 12.23% in the previous week to 12.38%.

Yield on the 364-day bill on the other hand decreased by 8.0 basis points to 13.00%.