The government fell short of its treasury bills target last week as investor demand remained below expectations. Results released by the Bank of Ghana showed that the auction was undersubscribed by 5.9%.
The government aimed to raise GH¢4.48 billion through the sale of short-term debt instruments. However, investors submitted bids worth just over GH¢4.21 billion. Out of that amount, authorities accepted approximately GH¢3.9 billion.
The 91-day treasury bill attracted the highest interest from investors. It received bids totaling GH¢2.52 billion, accounting for nearly 60% of all submissions. The government accepted GH¢2.51 billion of those bids.
The 182-day bill recorded bids of GH¢877.72 million, with a little over GH¢723 million approved. The 364-day bill attracted GH¢817.12 million in bids, of which about GH¢699 million was accepted.
At the same time, treasury bill yields continued to ease across most maturities.
The yield on the 91-day bill dipped by 1 basis point to 4.91%. The 182-day bill maintained its previous rate of 7.04%, while the yield on the 364-day instrument declined by 2 basis points to 10.37%.
The latest auction results suggest that investor appetite remained strongest for shorter-term securities, even as borrowing costs edged down.
