- Government missed its GH¢6.669 billion target for T-bill sales for the second week in a row
- GH¢5.471 billion was raised, with GH¢1.095 billion in bids rejected
- Rejections and falling rates reflect efforts to reduce debt servicing costs
For the second consecutive week, the government has missed its treasury bill target.
Data from the Bank of Ghana’s latest auction reveals that although the government received GH¢5.471 billion in bids, it rejected GH¢1.095 billion—largely to manage and reduce debt servicing costs.
The government had aimed to raise GH¢6.669 billion through this round of short-term borrowing.
As in previous auctions, the 91-day treasury bill attracted the highest interest, drawing GH¢3.507 billion in bids, which accounted for 64.07% of total subscriptions.
For the 182-day bill, investors submitted bids worth GH¢1.806 billion, out of which GH¢1.674 billion was accepted.
The 364-day bill received GH¢157.18 million in bids, but only GH¢48.44 million were accepted.
Interest rates fell on both the 182-day and 364-day bills, in line with the government’s ongoing efforts to reduce borrowing costs. The 182-day rate dropped by 3 basis points to 15.45%, and the 364-day rate decreased by 12 basis points to 15.71%. The 91-day rate remained steady at 14.79%.
