The government missed its Treasury bill target by GHS 393 million, according to the Bank of Ghana’s most recent auction results, which indicate a 5.19% undersubscription.

Despite the government’s goal of raising GHS 7.58 billion, GHS 7.19 billion was raised in total bids. As a result of impending high maturities, the Treasury accepted almost all offers in this round, especially in the shorter tenors, in sharp contrast to the selective acceptance in prior auctions.

A total of GHS 995 million for the 182-day bill and GHS 6.02 billion for the 91-day bill were accepted. GHS 173 million of the GHS 204 million bids were accepted for the 364-day period.

In the meantime, interest rates kept falling all over the curve. The 182-day dipped 21 basis points to 15.25%, the 364-day eased 6 basis points to 15.74%, and the 91-day rate fell 9 basis points to 14.70%. The government’s goal for the upcoming auction is GHS 4.55 billion.