Investor appetite for Treasury bills weakened last week, as the government fell short of its target by GH¢1.13 billion.
According to the latest Bank of Ghana data, the Treasury accepted GH¢2.57 billion in bids against a target of GH¢3.71 billion — a shortfall of about 30.5%.
The 91-day bill saw the highest participation, with roughly 99% of the GH¢2.03 billion tendered being accepted. This was followed by the 182-day bill, where GH¢389 million was taken out of GH¢394 million submitted. For the 364-day note, GH¢165 million was accepted from GH¢170 million tendered.
Market analysts attribute the shortfall to waning investor interest in Treasury bills, as more investors shift toward alternative instruments offering better returns.
Yields eased marginally across the short-term curve. The 91-day bill fell by 3 basis points to 10.47% from 10.50%, the 182-day bill dropped by 4 basis points to 12.35% from 12.39%, and the 364-day bill slipped by 2 basis points to 12.87% from 12.89% the previous week.
This week, the government is targeting GH¢5.26 billion in its next auction.
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