Government misses treasury bills target as investor demand eases

The government failed to meet its treasury bills target in the latest auction, just a week after recording an oversubscription, as investor demand moderated.

According to auction results released by the Bank of Ghana, the government received bids worth GH¢4.20 billion against a target of GH¢5.27 billion, resulting in an undersubscription of about 20 percent.

The government accepted all bids submitted by investors.

The 91-day bill was the most subscribed instrument, attracting GH¢2.25 billion in bids, representing 53.6 percent of total bids received.

The 182-day bill recorded bids worth GH¢802.87 million, while the 364-day bill attracted GH¢1.146 billion.

Meanwhile, yields continued to rise across the short-term debt market.

The yield on the 91-day bill increased by 26 basis points to 5.30 percent. The 182-day bill yield rose to 7.13 percent from 7.08 percent, while the yield on the 364-day bill climbed by 39 basis points to 11.36 percent.

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