Audio By Carbonatix
The government failed to meet its treasury bills target last week, as demand was moderate.
According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by 5.9%.
Investors bought T-bills worth a little over GH¢4.21 billion, as against a target of GH¢4.48 billion. The government, however, accepted about GH¢3.9 billion of the bids.
The 91-day bill was once again the most subscribed bill, as GH¢2.52 billion of the bids were tendered, representing 59.8% of the total bids. The uptake was, however, GH¢2.51 billion.
The 182-day bill recorded bids of GH¢877.72 million. A little above GH¢723 million was accepted.
For the 364-day bill, GH¢ 817.12 million of the bids were tendered. About GH¢ 699 million of the bids were accepted.
Meanwhile, interest rates declined across the yield curve.
The yield on the 91-day bill went down by 1.0 basis points to 4.91%.
That of the 182-day bill, however, remained unchanged at 7.04%.
On the other hand, the yield on the 364-day dropped by 2.0 basis points to 10.37%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.52bn | 2.51bn |
| 182 Day Bill | 877.72m | 723.5m |
| 364 Day Bill | 817.12m | 699.62m |
| Total | 4.22bn | 3.93bn |
| Target | 4.486bn |
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