Treasury Bills were undersubscribed in last week’s auction
The government’s latest Treasury Bill auction saw an undersubscription of GH¢1.90 billion on August 8, 2025.
According to the Bank of Ghana, the bids were lower than the target of GH¢8.588 billion.
This will be the first time in four weeks that the government has seen an undersubscription despite falling interest rates.
The results noted that out of bids worth GH¢6.890 billion, only GH¢6.687 billion was accepted.
The 91-day bill received bids worth GH¢5.02 billion, but only GH¢4.99 billion was accepted.
For the 182-day bill, GH¢1.23 billion was accepted from the total GH¢1.37 billion that was tendered.
However, the 364-day bill saw a total of GH¢490 million being tendered, but only GH¢452 million was accepted.
Interest rates have, however, seen a constant decline as the rates on the 91-day bill yield fell by 9 basis points to 10.20%.
The 182-day by 10 basis points to 12.25%, and the 364-day fell by 14 basis points to 13.10%.
The government is, however, targeting GH¢4.24 billion from the 91, 182 and 364-day bills in its next auction on August 15, 2025.
SSD/AE
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