Treasury bills were undersubscribed last week, with the government falling short of its target by GH¢577 million, highlighting ongoing tight liquidity in the market.
Data from the Bank of Ghana show that investors submitted GH¢4.43 billion in bids across the 91-day, 182-day, and 364-day bills, but only GH¢3.89 billion was accepted.
This marks the seventh straight auction where demand has fallen short.
Investor interest remained focused on short-term instruments.
The 91-day bill attracted the most demand, with GH¢2.76 billion in bids and GH¢2.71 billion accepted, while its interest rate stood at 4.92%.
The 182-day bill also saw solid demand, with GH¢717.64 million tendered and GH¢664.37 million accepted. Its yield rose slightly to 6.96%.
However, demand for the 364-day bill was weaker.
Of the GH¢960.08 million in bids, only GH¢522.48 million was accepted, just over half, with the yield unchanged at 10.12%.
Overall, investors continue to prefer short-term securities, reflecting caution about inflation and liquidity conditions.
The government is now targeting GH¢5.01 billion in the next auction, indicating higher short-term borrowing needs.
