The government failed to meet its treasury bills target, as demand continues to moderate.

According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by about 16%.

A little over GH¢4.9 billion were bought by the investors, as against a target of GH¢5.8 billion. The government, however, accepted about GH¢4.86 billion of the bids.

The 91-day bill was once again the most subscribed, as GH¢3.368 billion of the bids were tendered, representing 68.52% of the total bids. The uptake was, however, GH¢3.362 billion.

The 182-day bill recorded bids of GH¢749.67 million. A little above GH¢705 million was accepted.

For the 364-day bill, GH¢797.98 million of the bids were tendered. All the bids were accepted.

Meanwhile, interest rates went up across the yield curve.

The yield on the 91-day bill went down by 8.0 basis points to 4.99%.

That of the 182-day bill, however, remained unchanged at 7.04%.

On the other hand, the yield on the 364-day increased by 8.0 basis points to 10.45%.