T-bills auction
The government missed its treasury bills target by 16.81%, raising GH¢5.18 billion instead of the targeted GH¢6.23 billion.
The Bank of Ghana’s auction results revealed that the majority of bids were for the 91-day bill, which accounted for 76.1% of total bids, amounting to GH¢3.94 billion.
Smaller amounts were tendered for the 182-day and 364-day bills, at GH¢653.43 million and GH¢584.16 million, respectively. Despite the shortfall, all bids were accepted.
Interest rates continued to rise for the fourth consecutive week, with the 91-day bill yield increasing by 14 basis points to 26.96%, the 182-day bill rate rising to 27.78%, and the 364-day bill rate increasing to 29.21%, raising concerns about the rising cost of servicing domestic debt.
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