T-bills auction: Government continues to miss target; investors seek high-yielding instruments

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The government failed to meet its treasury bills target for the sixth consecutive week as investors seek high-yielding financial instruments such as the Bank of Ghana bills.

According to the auction results by the Bank of Ghana, the government missed the target by 11.56%.

The Treasury got GH¢2.967 billion as against a target of GH¢3.356 billion.

All the bids tendered were accepted by the government.

The majority of the bids once again came from the 91-day bill, with investors offering GH¢2.028 billion. This represented 68.37 of the total bids.

For the 182-day bill, investors tendered in only GH¢622.79 million.

A little over GH¢316 million of the bids came from the 364-day bill.

Meanwhile, interest rates continued to decline on the yield curve.

The yield on the 91-day bill went down by 14.0 basis points to 14.56%.

That of the 82-day bill also declined to 15.01% from the previous week’s 15.25%.

The yield on the 364-day bill also tumbled by 58 basis points to 15.16%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	2.028bn	2.028bn
182 Day Bill	622.79m	622.79
364 Day Bill	316.27m	316.27m

Total	2.967bn	2.967bn
Target	3.356bn

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