Ghana’s government missed its treasury bill target last week as investor participation dipped. The auction ended with a 2.45% undersubscription, according to the Bank of Ghana.
The government aimed to raise GH¢6.607 billion but received GH¢6.444 billion. It accepted GH¢4.63 billion and turned down GH¢1.814 billion of the bids.
The 91-day bill drew the most attention, collecting GH¢5.058 billion. Authorities accepted GH¢3.67 billion of those bids. This accounted for 78.49% of the total submitted.
Investors submitted GH¢905 million for the 182-day bill, while officials approved GH¢630.45 million. The 364-day bill attracted GH¢481.09 million, out of which GH¢324.56 million was accepted.
Despite the reduced demand, interest rates stayed mostly flat. The 91-day bill rate held at 15.45%. The 182-day bill dipped slightly to 16.18% from 16.21%. The 364-day bill dropped by 3 basis points to 18.62%.
