Gov’t misses Treasury bill target for 6th week in a row

The government has missed its Treasury bill target for the sixth consecutive week, raising concerns about investor appetite and liquidity challenges.

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According to the Bank of Ghana’s latest auction results, the government raised GH¢2.96 billion, 11.56% short of its GH¢3.35 billion target.

Despite the shortfall, all bids were accepted. The 364-day bill accounted for GH¢316 million of the total raised.

Investor demand was strongest for the 91-day bill, which attracted GH¢2.03 billion, or 68.37% of total bids. The 182-day bill drew significantly less interest, recording just GH¢622.79 million.

Interest rates continued to decline across all tenors. The 91-day yield fell by 14 basis points to 14.56%, while the 182-day yield dropped to 15.01% from 15.25% last week. The sharpest decline came from the 364-day bill, which dipped by 58 basis points to 15.16%.

Market analysts attribute the underperformance to tighter liquidity and a growing preference for Bank of Ghana instruments, which offer higher returns.

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