Government misses GH¢4.89 billion T-Bill target

Government fell short of its Treasury bill target, raising GH¢4 billion against a goal of GH¢4.89 billion in the latest auction.

The shortfall of about GH¢800 million was recorded in Tender 2003, which covered 91-day, 182-day and 364-day bills.

Results released by the Bank of Ghana (BoG) and copied to the Ghana News Agency showed that the 91-day bill recorded bids of GH¢2.56 billion, with GH¢2.54 billion accepted at rates between 4.5 and 5.0 percent.

The 182-day bill attracted GH¢771 million in bids, of which GH¢758 million was accepted at rates ranging from 6.48 to 6.95 percent.

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For the 364-day bill, bids totalled GH¢1.16 billion, but only GH¢790 million was accepted at rates between 8.5 and 9.39 percent.

The weighted average discount rates for the week ending April 24 were 4.89 percent for the 91-day bill, 6.68 per cent for the 182-day bill, and 9.20 percent for the 364-day bill.

The Bank has set a target of GH¢4.485 billion for the next auction, Tender 2004, scheduled later in April.