T-bills auction: Government misses target narrowly; interest rates surge to 30.49%

Government treasury bills auction fell short of the target marginally, as interest rates continued to surge on the money market.

According to the result published by the Bank of Ghana, the government secured ¢2.179 billion as against a target of ¢2.261 billion.

The T-bills sale indeed fell short of the target by 3.6%.

The majority of the bids came from the 91-day bill as about ¢1.384 billion of the bids were tendered. All of the bids were accepted by the Treasury.

For the 182-day bill, about ¢649.39 million of the bids were tendered, in which all the bids were accepted.

About ¢145.02 million were, however, gotten from the sale of the 364-day bill.

Meanwhile, interest rates continued to surge albeit marginally on the money market.

According to the auction result, the 91-day yield went up to 25.57%, from the previous 25.24%.

That of the 182-day bill also increased by 0.14% to 27.28%.

Again, the one-year bill inched up to 30.49%, from 30.30% the past week.