Investor interest in short-term Government of Ghana instruments dipped for the first time in several months.

According to auction results by the Bank of Ghana, the government undersubscribed its treasury bills sale by 25.4%.

The target for the auction was GH¢5.0 billion, but the bids tendered were GH¢3.7 billion. The government, however, accepted GH¢3.26 billion of the bids.

The 91-day bill was the most subscribed as GH¢2.23 billion of the bids were tendered, representing 59.8% of the total bids. However, the uptake was GH¢1.76 billion.

For the 182-day bill, GH¢667.12 million of the bids were tendered. All the bids were accepted.

The 364-day bill recorded bids of about GH¢831.41 million. All the bids were accepted. 

Meanwhile, interest rates rose on the yield curve.

The yield on the 91-day bill increased by 7.0 basis points to 4.78%.

That of the 182-day bill also went up to 6.36% from 6.28% the previous week.

Similarly, the yield on the 364-day bill inched up by 18 basis points to 9.58%.