T-bills: Weak bids on treasury market continue; government target falls by 30%

The weak bids on the treasury market as the government failed to meet its treasury bills target once again.

According to auction results by the Bank of Ghana, the T-bills were undersubscribed by 30.45%.

Investors continue to look at other financial instruments that provide high returns, hence abandoning the treasury market.

According to the trading results, the government received GH¢3.94 billion, compared to a target of GH¢5.67 billion.

A little over 77% of the bids came from the 91-day bill.  About GH¢3.07 billion of the bids were tendered. The uptake was GH¢2.97 billion.

For the 182-day bill, GH¢613.27 million of the bids were tendered. The bids accepted were estimated to be worth GH¢608.2 million.

Also, GH¢257 million of the bids were tendered for the 364-day bill. About GH¢254 million of the bids were accepted.   

Meanwhile, interest rates remained the same on the yield curve.

The yield on the 91-day bill went for 11.02%. 

That of the 182-day also stood at 12.66%.

The yield on the 364-day bill remained the same at 13.08%.