For the fourth consecutive week, the government missed its target treasury bills by GH₵559.19 million as liquidity remains constrained in the money market.
The latest data from the Bank of Ghana reveals a notable shortfall in investor interest during the recent auction. Bids totalled GH₵3.80 billion, falling short of the GH₵4.36 billion target.
The majority of bids were for the 91-day treasury bill, with investors submitting approximately GH₵2.38 billion—representing 62.7% of total bids.
The government accepted all these bids. Additionally, bids worth GH₵1.17 billion were received for the 182-day bill, and GH₵243.04 million in bids for the 364-day bill were also entirely accepted.
Overall, the auction saw an under-subscription of about 12.82%. Interest rates remained relatively stable, averaging between 24% and 27%.
Market analysts attribute the shortfall to the high auction target and reduced liquidity levels following the recent Cash Reserve Ratio directive. Investors are also exploring diversification options beyond treasury bills.
