Government misses target in auction 2009 treasury bills sale

The Government of Ghana fell short of its treasury bills target in Auction 2009, according to results released by the Bank of Ghana.

The government had set a target of GH¢5.892 billion for the issuance of 91-day, 182-day and 364-day treasury bills.

However, total bids accepted at the close of the auction amounted to approximately GH¢4.866 billion, representing a shortfall of about GH¢1.03 billion.

The auction results showed that the 91-day bill recorded the highest subscription, with GH¢3.368 billion tendered, out of which GH¢3.363 billion was accepted.

For the 182-day bill, bids worth GH¢750 million were submitted, with GH¢706 million accepted.

The 364-day bill recorded full uptake, with GH¢798 million tendered and fully accepted.

Despite the strong participation across all tenors, the total amount raised by the government remained below the target, indicating that the auction did not meet the intended borrowing level.

Interest rates across the instruments remained within expected ranges, with weighted average interest rates standing at 4.99 per cent for the 91-day bill, 7.04 per cent for the 182-day bill, and 10.46 per cent for the 364-day bill.