T-Bills: Govt misses target for 3rd consecutive week by GH¢2.69bn

For the third straight week, the government has missed its Treasury bill target, falling short by GH¢2.69 billion after rejecting GH¢2.37 billion in bids that likely failed to meet yield expectations.

Per Bank of Ghana data, the government aimed to raise GH¢4.39 billion but received only GH¢1.69 billion in bids—marking a 61.46% undersubscription.

Of the amounts tendered, GH¢1.45 billion was accepted for 91-day bills, GH¢81.09 million for 182-day bills, and GH¢161.26 million for 364-day bills.

Yields continued to decline: 91-day dropped to 15.65%, 182-day to 16.50%, and 364-day to 18.83%. This comes despite the BoG recently hiking the policy rate to 28%.

Analysts suggest the rejections aim to reset short-term rates, though persistent shortfalls could shrink cash buffers. The next auction targets GH¢6.68 billion.