T-bills: Government misses target for 5th consecutive week; interest rates surge marginally

For the 5^th consecutive week, the government failed to meet its treasury bills target.

According to auction results from the Bank of Ghana, the government got GH¢5.300 billion from the sale of the short-term instruments.

This was about 19% lower than the targeted amount of GH¢ 6.558 billion.

All the bids tendered were, however, accepted.

Around GH¢ 4.101 billion came from the 91-day bill, approximately 77.3% of the total bids tendered.

For the 182-day bill, GH¢ 967.19 million was tendered.

The 364-day bill however received total bids worth GH¢ 231.14 million.

Meanwhile, interest rates surged marginally due to the tightening liquidity.

The yield on the 91-day bill was 24.825% from 24.820 the previous week.

That of the 182-day bill was 26.764% from the preceding week’s 26.76%.

The rate of the 364-day bill was however 27.857% as against the past week’s 27.85%.