T-bill auction: Government misses target again; interest rates continue to rise
Government missed its treasury bills target once again by 7.0%.
According to auction results by the Bank of Ghana, the government got GH¢6.413 billion as against a target of GH¢6.89 billion
The T-bills sale fell short of its target by about GH¢482 million according to the results by the Central Bank.
All the bids were however accepted.
The 91-day bill saw bids worth GH¢4.244 billion, representing about 66.0% of the total bids accepted.
For the 182-day bill, about GH¢843 million were tendered by the investors.
A little over GH¢1.32 billion cedis came from the 364-day bill but at a higher cost.
Meanwhile, interest rates continued to surge on the yield curve.
This is expected to increase the government’s interest payments.
The yield on the 91-day bill went up by 23 basis points to 27.19%.
That of the 182-day bill also increased to 27.98% from 27.78% the previous week.
For the 364-day bill, the interest shot up by 61 basis points to 29.82%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 4.2442bn | 4.244bn |
| 182 Day Bill | 843.99m | 843.99m |
| 364 Day Bill | 1.324bn | 1.342bn |
| Total | 6.413bn | |
| Target | 6.896bn | |
Source: myloyonline.com
