The government failed to meet its treasury bills target after registering an oversubscription a week before.

According to the auction results by the Bank of Ghana, the government registered a 16% undersubscription of the sale of the short-term instruments.

It got GH¢5.292 billion from the T-bills auction, but rejected GH¢563.38 million of the bids tendered.  

About GH¢2.985 billion came from the 91-day bill, representing 56.38% of the total bids. All the bids accepted were accepted.

For the 182-day bill, GH¢869 million were tendered. The uptake was GH¢668.54 million.

A little over GH¢1.438 billion were also tendered for the 364-day bill.  About GH¢1.075 billion of the bids were accepted.

Meanwhile, interest rates continued to fall on the yield curve.  The yield on the 91-day bill declined by 12 basis points to 15.23%.

That of the 182-day also eased to 15.77% from 16.03% the previous week.  

The interest on the 364-day bill also dropped by a whopping 1.42 percentage points to 16.95%.