T-bills auction: Government fails to meet target; interest rates fall again

The government has missed its treasury bills target for the second week in a row.

This comes despite the Ghana cedi performing well as the best currency globally.

According to auction results from the Bank of Ghana, there was a slight undersubscription in the T-bills auction.

The Treasury received GH¢5.216 billion against a target of GH¢5.386 billion.

It accepted all bids that were tendered.

Of the total, about GH¢3.858 billion came from the 91-day bill, making up 73.96% of bids.

For the 182-day bill, GH¢747.06 million was tendered.

A little over GH¢611 million was submitted for the 364-day bill.

Meanwhile, interest rates on the yield curve continue to decline.

The yield on the 91-day bill fell by 9 basis points to 15.16%.

The yield for the 182-day bill decreased to 15.70%, down from 16.03%.

The interest rate on the 364-day bill dropped by 15 basis points to 16.80%.