Recent information from the Bank of Ghana indicates that the government did not meet its Treasury bill target, despite fully accepting all market bids, resulting in a shortfall of GHS 352 million. This represents a 9.06% undersubscription.
As per the auction results from the Central Bank, the government intended to raise GHS 3.89 billion but only received total bids amounting to GHS 3.53 billion.
Regardless of the shortfall, every bid across the various tenors was completely accepted. The government accepted the full GHS 2.69 billion offered for the 91-day Treasury bill, along with GHS 554 million for the 182-day and GHS 286 million for the 364-day offers—likely indicative of liquidity requirements at the end of the month.
In the meantime, interest rates have continued to decrease across the curve.
The yield on the 91-day bill fell by 14 basis points to 14.79%, down from 14.92% the week before.
The 182-day rate decreased by 7 basis points to 15.48%, while the 364-day bill saw a decline of 9 basis points to 15.91%.
The government is aiming for GHS 6.67 billion in its forthcoming auction.
