Low subscription to T-Bills continue as gov’t misses auction target by GHS 951m
Government once again failed to achieve its target of raising GHS 1,932 million in the issuance of the 91, 182 and 364 days treasury bills.
Government over the past few weeks has been unable to reach auction targets set for the short term debt instruments.
For instance, government a week ago failed to achieve a set auction target of GHS 1bn in the issuance of a 91, 182 and 364 days T-Bills.
In the said auction, government managed to only secure some GHS 775m falling short of its target by some GHS 225m.
In that auction, bids for the 91, 182 and 364 days T-Bills amounted to GHS 721 million, GHS 50 million and GHS 15 million respectively with government accepting GHS 711 million, GHS 50 million and GHS 14 million in bids made for the securities.
Government’s inability to meet its auction targets is despite the increased interest rates on the short term securities which can be attributed to the recent policy tightening measures implemented by the Bank of Ghana.
In the recent auction which government targeted some GHS 1,932 million, bids for the 91, 182 and 364 days T-Bills amounted to GHS 692 million, GHS 173 million and GHS 116 million respectively with government accepting all bids made the 91, 182 and 364 days T-Bills.
The 91, 182 and 364 days T-Bills were auctioned at interest rates of 17.4%, 18.5% and 20.4% respectively.
Government, in its next auction – April 29– is aiming at raising some GHS 907 million from the issuance of the 91 and 182 day bills.
Find details of auction results below:
Auctresults-1795 by Fuaad Dodoo on Scribd
