The government missed its Treasury bills target by about 17.8%, as interest rates continued to soar on the yield curve.

According to the latest auction by the Bank of Ghana, a total of ¢2.393 billion was secured.

The target for this auction was ¢2.913 billion. It includes a ‘Sell Buy-Back’ of about ¢1.014 billion which matures and will be rolled over on July 6, 2023.

According to the result, about ¢1.906 billion of the 91-day T-bill, representing 79% of the total bids were tendered.

All of them were subsequently accepted.

For the 182-day T-bill, ¢486.93 million bids were tendered. Again, all the bids were accepted.

Meanwhile, interest rates went up further as the government struggles to mobilise funds from the treasury market.

The 91-day T-bill went up by 0.98% to 23.95%. That of the 182-day T-bill also shot up to 25.79%, from 25.44% the previous week.

Already, some analysts have indicated that interest rates will remain high till the end of the year. This is because of the high inflation rate which presently stands at 42.2% in May 2023.