The government has raised GH¢7.21 billion from its latest Treasury bills auction, falling short of its GH¢7.97 billion target by about GH¢760 million.
Data from the Bank of Ghana shows that investors submitted bids totalling GH¢8.20 billion for the 91-day, 182-day and 364-day Treasury bills.
Despite the strong investor interest, the government accepted GH¢7.21 billion of the amount offered.
The 91-day Treasury bill attracted the highest level of investor interest, with bids amounting to GH¢4.56 billion. The government accepted GH¢4.52 billion of these bids.
For the 182-day bill, investors submitted GH¢2.07 billion in bids, of which GH¢1.82 billion was accepted.
The 364-day bill recorded GH¢1.56 billion in bids, but only GH¢867.93 million was accepted, representing the largest gap between the amount offered and the amount taken by the government.
The longer-term bill also carried the highest average interest rate at 10.10%.
The average rate on the 182-day Treasury bill stood at 6.51%, while the 91-day bill attracted an average interest rate of 4.69%.
For the next auction, the government is targeting GH¢4.12 billion from the sale of the three Treasury bills.
Treasury bills are short-term government securities through which the state borrows from investors and pays interest on the amount borrowed. They remain an important source of short-term financing for the government.
