T-bills: Government’s target fall short by GH¢2.26bn; interest rate still rising

The government missed its treasury bills target again by a massive GH¢2.262 billion as liquidity remains tight on the money market ahead of the December 7, 2024, general elections.

This represented an undersubscription of 37.09%.

According to auction results by the Bank of Ghana, the government got GH¢3.83 billion from the sale of the short-term instruments.

This is against a target of GH¢6.098 billion.

All the bids tendered for the instruments were accepted. Once again, a chunk of the bids came from the 91-day bill.

A little over GH¢2.9 billion, representing 76.9% of the bids were accepted.

About GH¢ 669.37 were tendered for the 182-day bill.

For the 364-day bill, GH¢216.58 million were gotten.

Meanwhile, interest rates rose on the yield curve.

The yield on the 91-day bill went up by 0.40% to 27.36%.

That of the 182-day bill also increased to 28.09% from 27.78% the previous week.

For the 364-day bill, the interest rate also went up to 29.87% from 29.21% the earlier week.