The government failed to meet its treasury bills target just a week after achieving an oversubscription, as demand moderated.  

According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by about 20%.

The government received GH¢4.20 billion bids from the investors. This was against a target of GH¢5.27 billion. It, however, accepted all the bids tendered.

The 91-day bill was once again the most subscribed, as GH¢2.25 billion of the bids were tendered, representing 53.6% of the total bids.

The 182-day bill recorded bids worth GH¢802.87.

For the 364-day bill, GH¢1.146 billion was tendered.

Meanwhile, interest rates continue to rise on the yield curve.

The yield on the 91-day bill increased by 26.0 basis points to 5.30%.

That of the 182-day bill also went up to 7.13% from 7.08%.

Similarly, the yield on the 364-day increased by 39.0 basis points to 11.36%.