By Franklin Asare-Donkoh
Ghana’s government has missed its treasury bill auction target for the sixth week in a row, according to the latest results from the Bank of Ghana (BoG).
The government aimed to raise GH¢3.35 billion, but managed to mobilize only GH¢2.96 billion, falling short by 11.56%.
Despite the shortfall, all bids were accepted. Notably, GH¢316 million of the total amount came from the 364-day bill.
Investor appetite remained strongest for the 91-day bill, which attracted GH¢2.028 billion, accounting for 68.37% of total bids. In contrast, the 182-day bill generated limited interest, with bids amounting to just GH¢622.79 million.
Yields across all tenors declined:
The 91-day bill dropped by 14 basis points, settling at 14.56%.
The 182-day bill yield declined to 15.01%, down from 15.25% the previous week.
The 364-day bill recorded the sharpest drop, falling by 58 basis points to 15.16%.
Market analysts attribute the continued underperformance to tightening liquidity conditions and investors seeking higher returns, particularly from Bank of Ghana instruments, which offer comparatively more attractive yields.
Meanwhile, interest rates across the yield curve continue to trend downward, reflecting subdued investor sentiment and cautious positioning in short-term government securities.
