The government failed to meet its treasury bills target for the fifth consecutive week as investors still prefer the Bank of Ghana bills that offer higher returns.

According to the auction results by the Bank of Ghana, the government missed the target narrowly by 5.61%.

The Treasury got GH¢3.64 billion as against a target of GH¢3.86 billion.

The majority of the bids came from the 91-day bill, with investors offering GH¢2.869 billion. This represented 75.04% of the total bids.  

For the 182-day bill, investors tendered in GH¢616.79 million. The Treasury accepted GH¢385.82 million.

A little over GH¢129 million of the bids came from the 364-day bill. The treasury, however, accepted GH¢60.81 million of the bids.

Meanwhile, interest rates continued to dip, but marginally on the yield curve.

The yield on the 91-day bill went down by a basis point to 14.69%.

That of the 82-day bill also declined to 15.25% from the previous week’s 15.45%.

However, the yield on the 364-day bill went up by 9.0 basis points to 15.65%.