Government treasury bills have recorded their first undersubscription in about three weeks, despite a marginal drop in interest rates across all maturities.
According to the latest auction results from the Bank of Ghana, the Treasury raised approximately GH¢6.8 billion, falling short of its GH¢8.58 billion target.
The 91-day bill attracted the bulk of investor interest, with GH¢5.02 billion — representing 72.9% of total bids — tendered. Of this, GH¢4.99 billion was accepted.
For the 182-day bill, total bids amounted to GH¢1.372 billion, with accepted bids valued at about GH¢1.237 billion. Meanwhile, the 364-day bill saw GH¢490.41 million tendered, of which GH¢452 million was accepted.
On the interest rate front, yields declined across the board. The 91-day bill dropped by 9 basis points to 10.20%, the 182-day bill fell to 11.54% from 12.35% the previous week, and the 364-day bill decreased by 14 basis points to 13.10%.