The government missed its ambitious treasury bills target by a whopping GH¢2.670 billion.

According to auction results from the Bank of Ghana, the government recorded an undersubscription of 35.90% from the sale of short-term instruments.

The government was seeking to raise an ambitious GH¢7.438 billion to settle maturing debt and finance projects. 

However, it only managed to raise 64.1% of the total targeted amount.

All the bids submitted for the short-term instruments were accepted.

About GH¢2.59 billion came from the 91-day T-bills, representing 54.5% of the total bids.

It was followed by the 364-day bill with an estimated GH¢1.33 billion of the bids tendered. 

A little over GH¢830 million were mobilised from the 182-day bill.

Meanwhile, interest rates surged across the yield curve.

The yield on the 91-day bill was up by 63 basis points to 25.64%.

The 182-day bill also increased to 26.92% from the previous week’s 26.81%. That of the 364-day bill inched up by 66 basis points to 28.67%.