The government has missed its treasury bills auction target for the fifth consecutive week, signaling persistent investor preference for higher-yielding Bank of Ghana (BoG) bills.
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According to the latest auction results from the BoG, the Treasury raised GH¢3.64 billion, falling short of its GH¢3.86 billion target by 5.61%. The bulk of the bids came from the 91-day bill, accounting for GH¢2.869 billion or 75.04% of the total bids. All were accepted by the Treasury.
The 182-day bill received GH¢616.79 million in bids, with the government accepting the full amount. In contrast, the 364-day bill saw only GH¢129.60 million in bids, out of which just GH¢60.81 million was accepted.
Despite this modest demand, yields moved slightly. The 91-day bill yield dipped by one basis point to 14.69%, while the 182-day bill declined to 15.25% from 15.45%. However, the 364-day bill rose by 9 basis points to 15.65%, reflecting slight shifts in investor sentiment.
The consistent shortfall in meeting targets suggests investors remain cautious, prioritizing short-term liquidity and more lucrative returns from BoG instruments.
