The government has missed its treasury bill target for the first time in 2025, recording an 18% under-subscription in the latest auction.
According to auction results from the Bank of Ghana, the government raised GH¢4.99 billion from the sale of short-term instruments but accepted only GH¢3.31 billion.
The 91-day bill accounted for the majority of the bids, with GH¢3.63 billion tendered, representing 72.7% of total bids. However, the government accepted GH¢2.33 billion.
For the 182-day bill, GH¢741.38 million was tendered, with an uptake of GH¢574.49 million. The 364-day bill saw bids worth GH¢622.7 million, but only GH¢406.07 million were accepted.
Meanwhile, interest rates remained relatively stable across the yield curve.
The yield on the 91-day T-bill declined by 12 basis points to 15.85%, while the 182-day bill remained unchanged at 16.92%. The rate on the 364-day bill fell slightly to 18.84% from the previous week’s 18.96%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 3.631bn | 2.339bn |
| 182 Day Bill | 741.38m | 574.49m |
| 364 Day Bill | 622.07m | 406.07m |
| Total | 4.994bn | 3.31bn |
| Target | 6.142bn |