T-bills: Government’s target fell short by GH¢58.11m; interest rates surged

The government failed to achieve its treasury bills target narrowly as demand for the short-term instruments remained flat.

According to results by the Bank of Ghana, the government fell short of the target by GH¢58.11m.

All the bids were accepted.

A chunk of the bids came from the 91-day bill with GH¢4,028 billion received. This represented 73.73% of the total bids.

For the 182-day bill, about GH¢867 million were tendered.

The 364-day bill however saw bids worth GH 508.6 million tendered.

Meanwhile, interest rates continued to inch closer to 30%.

The yield on the 364-day bill surged to 29.95%, from 29.94% the previous week

The yield on the 91-day bill increased by 8.0 basis points to 27.85%.

For the 182-day bill, the rate went up to 28.57% from 28.32% the prior week.