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%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.078bn | 2.970bn |
| 182 Day Bill | 613.27m | 608.27m |
| 364 Day Bill | 257.13 | 254.13m |
| Total | ||
| Target | 5.679bn |
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