Government missed its Treasury bills auction target for the fourth week running, but liquidity improved comparatively to the past two weeks.

The government secured ¢1.23 billion against a target of ¢1.316 billion, about 6% under-subscription.

Though the government missed the target marginally, it was seeking to raise ¢1.124 billion across the 91-day to 364-day bills to refinance the T-bill maturities of ¢1.003 billion.

According to the auction results from the Bank of Ghana, the bids tendered in were estimated at ¢1.23 billion. All the bids were however accepted.

Chunk of the bids came from the 91-day treasury bills, as ¢1.073 billion were tendered in. The 182-day treasury bills also received bids worth ¢141.41 million.

According to data from the Bank of Ghana, the interest rate on the 182-day T-bill hit 34.85%, from 34.2% the previous week.

That of the 91-day bill also surged by 0.70% to 33.34%. The one-year bill sold at a rate of 34.85%, from 33.35% the prior week.

Despite a surging interest rates, there is still a negative real return between interest rates and inflation.

Inflation (September 2022) is presently hovering around 37.2%

Securities	Bids Tendered (GH¢)	Bids Accepted (GH¢)
91 Day Bill	1.073 billion	1.073 billion
182 Day Bill	141.41 million	141.41 million
365 Day Bill	21.73 million	21.73 million
Total	1.236 billion	1.236 billion
Target	1.316 billion	1.316 billion