The government failed to meet its treasury bill target for the second week running.

According to the auction result released by the Bank of Ghana, the government received GH¢5.471 billion of the bids tendered by the investors.

It, however, rejected GH¢1.095 billion of the bids, a decision primarily to lower the cost of servicing the debt.

The target for the weekly auction of the debt instrument was GH¢6.669 billion.

Once again, a chunk of the bids came from the 91-day bill, where GH¢3.507 billion, representing 64.07% of the total bids, were offered.

For the 182-day bill, GH¢1.806 billion was received.  However, the uptake was GH¢1.674 billion.

The bids tendered for the 364-day bill were estimated at GH¢157.18 million. Only GH¢ 48.44 million were accepted.

Meanwhile, interest rates fell with respect to the 182-day and 364-day bills as the government intensified its strategy of keeping rates lower.  

However, that of the 91-day bill remained unchanged at 14.79%.

The yield on the 182-day went down by three basis points to 15.45%%.

The 364-day bill also dropped by 12 basis points to 15.71%.