T-Bills Auction: Gov’t on a losing streak, once again misses auction target by GHS 455m
The government seems to be on a losing streak with regards to the subscription of its short term debt instruments – the 91, 182 and 364 days treasury bills.
Just as has been the trend for the past weeks, government failed to once again achieve the GHs 907m target set for the 91 and 182 days T-Bills auctioned on April 29, 2022.
The government missed its auction target by GHS 455m managing to secure some GHS 452m.
In the previous auction – April 22 – government missed its auction target by GHS 951m as it managed to secure GHS 981m from the auction of a 91, 182 and 364 days T-bills.
This was against a total auction target of GHS 1,932 million.
Prior to that auction, government also missed an auction target of GHS 1bn set for 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.
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 GHS 907 million, bids for the 91 and 182 days T-Bills amounted to GHS 342 million and GHS 110 million respectively with government accepting all bids made the 91 and 182 days T-Bills.
The 91 and 182 days T-Bills were auctioned at interest rates of 17.7% and 18.8% respectively.
Government, in its next auction – May 6 – is aiming at raising some GHS 1,408 million from the issuance of the 91, 182 and 364 day bills.
Find details of auction results below:
Auctresults-1796 by Fuaad Dodoo on Scribd
