The government failed to meet its treasury bills target for the fourth consecutive week.
According to the auction results by the Bank of Ghana, the Treasury missed the target by about 24%.
Analysts believe investors prefer the Bank of Ghana bills, which offer a rate of 27% higher than the inflation rate 18.4%.
The Treasury got GH¢3.379 billion as against a target of GH¢4.551 billion. It, however, accepted GH¢2.952 billion.
The majority of the bids came from the 91-day bill, with investors offering GH¢62.418 billion. This represented 71.55% of the total bids.
The government, however, accepted GH¢2.191 billion of the bids.
For the 182-day bill, investors tendered only GH¢ 716.29 million. The uptake was GH¢ 603.74 million.
A little over GH¢236 million of the bids came from the 364-day bill. The treasury, however, accepted GH¢157.76 million of the bids.
Meanwhile, interest rates continued to reduce, but marginally on the yield curve.
The yield on the 91-day bill went down by a basis point to 14.69%.
That of the 82-day bill, however, remained unchanged at 15.25%.
The yield on the 364-day bill fell to 15.69% from the previous week’s 15.74%.
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