Ghana’s Treasury bill market remains under pressure as the government missed its issuance target for the third consecutive week.
The latest auction closed with a GH¢672 million shortfall, representing a 10.45% under-subscription.
According to Bank of Ghana data, investors tendered GH¢5.8 billion against a target of GH¢6.42 billion.
Of this, GH¢4.02 billion was accepted from GH¢4.04 billion in bids for the 91-day bill, GH¢1.32 billion from GH¢1.33 billion for the 182-day, and GH¢397 million from GH¢430 million for the 364-day paper.
The under-subscription signals government’s attempts to moderate borrowing costs, even as investors demand higher yields amid competing instruments.
Rates inched higher across most tenors, with the 91-day rising 28 basis points to 10.41% and the 182-day up 15 basis points to 12.38%.
The 364-day however dipped slightly, easing by 8 basis points to 13.00%.
Government will return to the market this week, seeking to raise GH¢6.72 billion.
