The government failed to meet its treasury bills target for the fifth week running.
According to the auction results by the Bank of Ghana, the government recorded 8.20% undersubscription of its auction target, but lower than the previous week.
Investors bought a little over GH¢4.48 billion of the short-term securities, as against a target of GH¢4.8 billion. It, however, accepted about GH¢4.0 billion of the bids.
The 91-day bill was once again the most subscribed bill as GH¢2.55 billion of the bids were tendered, representing 56.9% of the total bids. The uptake was, however, GH¢790 million.
The 364-day bill recorded bids of about GH¢1.1 billion. The uptake was GH¢162.59 million.
For the 182-day bill, GH¢771.16 million of the bids were tendered. About GH¢ 758 of the bids were accepted.
Meanwhile, interest rates continued to rise on the yield curve.
The yield on the 91-day bill increased by 3.0 basis points to 4.94%.
That of the 182-day bill also went up to 6.90% from the previous week’s 6.77%.
Similarly, the yield on the 364-day bill inched up by 15 basis points to 10.12%.
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Source: www.myjoyonline.com