The government fell GH¢1.53 billion short of its target in the latest treasury bill auction after accepting GH¢3.48 billion in bids against a target of GH¢5.01 billion, reflecting a shortfall in the amount raised.
The amount accepted represents approximately 69.5 per cent of the target, leaving the government with less funding than anticipated from the domestic debt market.
The auction also recorded divergent movements in yields, with rates on the 91-day and 182-day bills rising marginally, while the yield on the 364-day instrument declined.
The outcome highlights differing yield movements across the three government securities, even as the government prepares for its next auction with a target of GH¢3.80 billion.
## Short-term bills attract the largest share
The 91-day treasury bill attracted the highest volume of investor bids, with GH¢2.94 billion tendered. The government accepted GH¢2.20 billion of that amount.
The yield on the instrument edged up to 4.62 per cent from 4.60 per cent at the previous auction.
For the 182-day bill, investors submitted bids worth GH¢1.11 billion, but the government accepted GH¢692 million.
Its yield increased to 6.31 per cent from 6.28 per cent.
The 364-day bill received GH¢1.12 billion in bids, of which GH¢587 million was accepted. Unlike the shorter-term instruments, its yield declined to 9.71 per cent from 9.75 per cent.
## Government prepares for next auction
Despite receiving bids across all three tenors, the government accepted less than the amount tendered for each instrument, resulting in an overall shortfall against its funding target.
The GH¢3.48 billion raised fell below the GH¢5.01 billion target by approximately GH¢1.53 billion.
The government is targeting GH¢3.80 billion in its next treasury bill auction, as it continues to use the domestic debt market to raise funds.
