Treasury bills continued to face weak demand as last week’s primary auction recorded another shortfall in subscription.

Latest data from the auction show investors tendered a total of GH¢3.5 billion across the 91-, 182-, and 364-day bills. Of this amount, the Treasury accepted GH¢3.39 billion, falling short of the GH¢6.72 billion target by 50 percent.

A breakdown of the bids indicates that GH¢2.01 billion out of GH¢2.05 billion was accepted on the 91-day bill.

For the 182-day bill, GH¢1.12 billion was taken from GH¢1.14 billion submitted, while the 364-day bill saw GH¢194 million accepted out of GH¢321 million in bids.

Though some analysts relate these persistent undersubscription to weak demand amid other attractive competitive instruments, the continuous low uptake raises deeper questions about what is driving the decline in investor appetite.

Meanwhile, yields on all three maturities edged down slightly.

The 91-day yield slipped 9 basis points to 10.32 percent from 10.41 percent. The 182-day dropped 1 basis point to 12.37 percent, while the 364-day also fell 1 basis point to 12.99 percent.

Looking ahead, government is targeting GH¢3.78 billion at the next auction.