The government has failed to meet its Treasury bill target for the sixth consecutive week, as investor appetite continues to favour higher-yielding Bank of Ghana bills over standard T-bill offerings.
According to the latest auction results from the Bank of Ghana, the government mobilised GH¢2.96 billion, falling short of its GH¢3.35 billion target by 11.56%.
Despite the shortfall, all bids were accepted, with GH¢316 million of the total coming from the 364-day bill.
Investor demand remained strongest for the 91-day bill, which attracted GH¢2.028 billion, representing 68.37% of total bids.
The 182-day bill saw limited interest, with just GH¢622.79 million in bids.
Meanwhile, interest rates continued their downward trend across the yield curve.
The 91-day bill dropped by 14 basis points to 14.56%.
While the 364-day bill posted the sharpest fall, tumbling by 58 basis points to 15.16%, that of the 182-day yield also declined to 15.01%, from 15.25% the previous week.
Market watchers say, attribute the soft performance to investors seeking better returns amid tightening liquidity and a preference for Bank of Ghana instruments, which offer comparatively more attractive yields.
