T-bills: Government misses target; interest rates remain unchanged

Liquidity on the money market remained tight as the government missed its treasury bill target by GH¢252.72 million.

According to auction results from the Bank of Ghana, the government got GH¢4.468 billion from the T-bills auction.

All the bids tendered were accepted.

About GH¢3.54 billion were received for the 91-day bill, representing 73.9% of the total bids.

With regard to the 182-day bill, GH¢782 million were mobilised. This constituted 16.33% of the total bids.

Also, GH¢165.3 million was gotten for the one-year bill.

Meanwhile, interest rates remained unchanged from the previous week.

The yield on the 91-day bill stood at 24.78%.

That of the 182-day bill was 26.74%.

The rate on the 364-day bill was also 27.78%.

In July 2024, the government requires an average weekly bid of GH¢3.5 billion to refinance maturing treasury bills.

Investors will however continue to favour the shorter end of the yield curve.