The latest auction results from the Bank of Ghana (BoG) reveal that the government missed its treasury bills target by GH¢393 million, representing a 5.19% undersubscription.

The government had aimed to raise GH¢7.58 billion, but received total bids amounting to GH¢7.19 billion. This reflects a notable drop in investor participation compared to recent auctions, where the government had been more selective in accepting bids.

Despite the shortfall, nearly all available bids were taken up, particularly in the shorter-term instruments, likely due to the pressure of upcoming high maturities.

The entire GH¢6.02 billion tendered for the 91-day treasury bill was accepted.

The government also accepted the full GH¢995 million offered for the 182-day bill.

For the 364-day bill, GH¢173 million out of GH¢204 million in bids was accepted.

Meanwhile, interest rates continued their downward trend across all tenors:

The 91-day bill rate dropped by 9 basis points to 14.70%.

The 182-day rate declined by 21 basis points to 15.25%.

The 364-day rate eased by 6 basis points to 15.74%.

These developments suggest ongoing investor appetite for short-term government securities, even as yields moderate, and reflect broader market conditions influenced by tighter monetary policy and improving macroeconomic stability.