Last week’s primary auction saw another undersubscription by the Treasury, with investor demand weakening against a target of GHS 6.67 billion.
The government accepted GHS 4.37 billion from a total offer of GHS 5.47 billion.
According to the Central Bank’s auction results, the Treasury rejected bids worth GHS 1.09 billion, despite falling short of its target by 34.39%.
Out of the GHS 3.50 billion issued for the 91-day bill, GHS 2.65 billion was accepted.
For the 182-day bill, GHS 1.67 billion was accepted from an offer of GHS 1.81 billion, while the 364-day bill saw GHS 48 million in bids accepted out of GHS 157 million.
The selective acceptance continued to anchor a decline in interest rates across tenors, with yields averaging between 14% and 15%.
The 91-day yield was maintained at 14.79%. The 182-day rate eased by 3 basis points to 15.46%, while the 364-day bill declined by 11 basis points to 15.80%.
Looking ahead, the government is targeting GHS 7.58 billion in the next auction.
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