T-Bills: government fails to meet target; interest rates remain relatively stable

The government failed to meet its treasury bills target on the money market as interest rates remained relatively stable. 

According to auction results by the Bank of Ghana, the T-bills sale was undersubscribed by 15.4%.

This was one of the few auctions in 2024 that the government could not achieve its target.

Whilst the targeted amount was GH¢4.86 billion, the government got GH¢4.11 billion.

The majority of the bids came from the 91-day T-bills. About GH¢3.05 billion, representing 71.145 was secured.

For the 182-day bill, GH¢795 million of the bids were tendered and the uptake was the same.

The 364-day bill recorded bids worth GH¢269.15 million. All the bids were accepted.

Meanwhile, interest rates remained relatively the same.

The yield on the 91-day bill was unchanged at 25.09%, whereas the six-month bill went for the same interest of 26.94%.

However, the yield on the 364-day eased slightly to 27.94%, from 27.95% previously.