T-bills auction: Government misses target by GH¢1.44bn; interest rates remain steady

The government missed its treasury bills target by GH¢1.44 billion for the second consecutive week.

According to auction results from the Bank of Ghana, the government accepted all the bids for the short-term instruments.

It got GH¢3.86 billion from the sale of the financial instruments.

The shortfall may be largely due to its quest to keep interest rates down. GH¢2.904 billion was received for the 91-day bills.

That of the 182-day was estimated at GH¢698.50 million.

For the 364-day bill, GH¢ 261.30 million was mobilised.

The yield on the 91-day bill was unchanged at 24.78%.

For the 182-day, the yield was 26.71%, from the previous week’s 26.74%. The one-year bill went for 27.80% from the preceding 27.78%.

From indications, the government may miss its 17.4 billion treasury target for this month.

Source : MyjoyOnline.com