Government raised GH¢2.57 billion in its latest Treasury bill auction falling short of its GH¢3.71 billion target by GH¢1.13 billion.
This marks the second undersubscription in a row as investor demand for short-term government paper moderates.
According to auction results by the Bank of Ghana, the government failed to meet its target for the second week running. It was actually undersubscribed by 30%.
The Treasury received GH¢2.59 billion of the total bids, but accepted GH¢2.57 billion.
T-bill auction falls short as government misses target by over GH¢2 billion
A little over 78% of the bids came from the 91-day bill. About GH¢2.028 billion of the bids were tendered.
The uptake was GH¢2.023 billion.
For the 182-day bill GH¢394.4 million of the bids were tendered. This was lower than the bids tendered last week.
The bids accepted were estimated to the tune of GH¢389.4 million.
Also, GH¢170.6 million of the bids were tendered for the 364-day bill. About GH¢165.6 million of the bids were accepted.
Meanwhile, interest rates went down marginally on the yield curve.
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