Liquidity challenges in the money market have continued to impact the government’s ability to meet its auction goals, with the government missing its target by GH₵755 million this week.
According to the latest auction results from the Bank of Ghana, the government raised GH₵4.89 billion from its short-term instruments, falling short of its GH₵5.60 billion target by 13.47%.
Despite the shortfall, the entire GH₵3.9 billion offered for 91-day treasury bills was accepted, along with the GH₵748 million submitted for 182-day bills. The government also accepted bids totaling GH₵197 million for 364-day bills.
Yields on treasury bills saw slight increases, with interest rates ranging between 24% and 27%. The 91-day bill yield rose by 0.02% to 24.90%, while the 182-day bill remained stable at 26.78%.
The yield on the 364-day bill edged up by 0.01% to 27.91%.
Market analysts attribute the shortfall to the government’s elevated borrowing target, with the Treasury aiming to raise GH₵5.4 billion in the upcoming T-bill auction.
