The government missed its ambitious treasury bills target by a whopping GH¢2.670 billion.
According to auction results from the Bank of Ghana, the government recorded an undersubscription of 35.90% from the sale of short-term instruments.
The government was seeking to raise an ambitious GH¢7.438 billion to settle maturing debt and finance projects.
However, it only managed to raise 64.1% of the total targeted amount.
All the bids submitted for the short-term instruments were accepted.
About GH¢2.59 billion came from the 91-day T-bills, representing 54.5% of the total bids.
It was followed by the 364-day bill with an estimated GH¢1.33 billion of the bids tendered.
A little over GH¢830 million were mobilised from the 182-day bill.
Meanwhile, interest rates surged across the yield curve.
The yield on the 91-day bill was up by 63 basis points to 25.64%.
The 182-day bill also increased to 26.92% from the previous week’s 26.81%. That of the 364-day bill inched up by 66 basis points to 28.67%.SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)91 Day Bill2.598 billion2.598bn182 Day Bill¢ 830. 28 million¢ 830. 28 million364 Day Bill1.338 billion1.338 billionTotal4.767 billionTarget7.438 billion
