Government missed its Treasury bills target by about 15.9%, following an ambitious target of ¢3.33 billion for the auction.
Interest rates, however, continued to surge, despite financing assurance to Ghana’s Creditor Committee under the G20 Common Framework.
According to auction results, the government secured ¢2.80 billion from the sale of the short-term securities.
Chunk of the bids came from the 91-day T-bill as a little above ¢2.31 billion were tendered. The government, however, accepted about 99% of the bids.
For the 182-day T-bill, the government got ¢355.2 million, whilst it received ¢116.60 million from the 364-day T-bill. It accepted all the bids for both securities
The government had set an ambitious target to primarily resettle maturities worth ¢3.33 billion and use the rest to pay coupon payments of pension bondholders.
Meanwhile, interest rates surged marginally on the yield curve.
Whilst, the yield on the 91-day T-bill went up to 20.43%, from 20.25% that of the 182-day bill also inched up by 0.14% to 22.96%.
The rate for the 364-day bill stood at 27.59%.
Presently, the treasury market is the only source of borrowing for the government.
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
| 91 Day Bill | 2.311 billion | 2.310 |
| 182 Day Bill | 355.26 | 355.26 |
| 364 Day Bill | 115.60 | 115.60 |
| Total | 2.802 billion | 2.781 billion |
| Target | 3.333 billion |
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