T-bills auction: Government fails to meet target for 6th consecutive week

The government failed to meet its treasury bills target for the sixth week running.

According to the T-bills auction published by the Bank of Ghana, the government missed the target by 6.91%.

The government got GH¢ 4.624 billion from the sale of the T-bills. The target for the auction was GH¢4.96 billion.

GH¢3.606 billion, representing 77.97% came from the 91-day T-bills.  The uptake was GH¢3.606 billion.

The 182-day T-bills saw bids worth GH¢ 733.59 million tendered. All were accepted.

For the 364-day T-bill, GH¢284.92 million were tendered and all were accepted.

Meanwhile, interest rates were mixed on the money market.

Whilst the yield on the 91-day bill went up that of the 182-day and 364-day bill fell marginally.

The yield on the 91-day bill was 24.843% from the previous week’s 24.825%. However, that of the 182-day bill was 26.746%, lower than the preceding week’s 26.764%.

Similarly, the rate on the 364-day bill was 27.850% from the 27.857% recorded a week ago.