According to the latest auction results from the Central Bank, the government missed its Treasury bill auction target by GH?1.4 billion.

This under-subscription follows a week where the government had exceeded its target.

At the close of this week’s auction, the government secured GH?4.3 billion from its short-term instruments, falling short of the GH?5.8 billion target.

Despite the reduced demand for 91- to 364-day bills, all bids submitted by investors were accepted.

For the 91-day bills, the government accepted the entire GH?3.7 billion tendered. Similarly, the GH?441 million in bids for the 182-day bills and GH?175 million for the 364-day bills were fully accepted.

Market analysts attributed the under-subscription to changing market conditions and the government’s large auction target.

Yields on the Treasury bills remained stable, with interest rates averaging between 24% and 28%.

Looking ahead, the government plans to increase its borrowing target to GH?5.5 billion in the next Treasury bill auction.