The government has once again fallen short of its treasury bills target, missing the mark by 7%.
Data from the Bank of Ghana’s latest auction revealed that GH¢6.413 billion was raised, falling short of the GH¢6.89 billion target by approximately GH¢482 million. Despite the shortfall, all bids submitted were accepted.
Breaking down the auction results, the 91-day treasury bill accounted for the majority of bids, with GH¢4.244 billion raised, representing 66% of the total. Investors tendered about GH¢843 million for the 182-day bill, while the 364-day bill brought in just over GH¢1.32 billion, albeit at a higher cost.
Interest rates on treasury bills continued their upward trend, adding pressure to the government’s debt servicing obligations. The yield on the 91-day bill increased by 23 basis points to 27.19%. Similarly, the 182-day bill rose to 27.98%, up from 27.78% the previous week. The largest hike was seen in the 364-day bill, where the rate jumped by 61 basis points to 29.82%.
These rising yields are expected to further elevate the government’s interest payment burden, compounding fiscal challenges amid ongoing efforts to stabilize the economy.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 4.2442bn | 4.244bn |
| 182 Day Bill | 843.99m | 843.99m |
| 364 Day Bill | 1.324bn | 1.342bn |
| Total | 6.413bn | |
| Target | 6.896bn | |
SOURCE: JoyBusiness
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