Treasury bill demand weakened in the latest auction, with the government falling short of its target despite rising yields.
Data from the Bank of Ghana showed that total bids came in below the GH¢7.57 billion target, with about GH¢5.3 billion tendered and GH¢5.11 billion accepted.
Short-term instruments continued to dominate investor interest, as the 91-day bill recorded the highest demand with near full uptake.
The 182-day bill was also fully subscribed. However, appetite for the 364-day bill declined, with only a portion of bids accepted, reflecting caution over longer-term borrowing at higher rates.
Yields increased across all tenors, indicating investors are seeking better returns. The development raises concerns about the government’s ability to meet its financing needs in the short term.
In response, authorities have lowered the next auction target to GH¢4.89 billion, signalling an adjustment to current market conditions.
