Investor interest in short-term Government of Ghana securities fell for the first time in several months, according to results from the latest treasury bills auction by the Bank of Ghana.

The government undersubscribed the auction by 25.4%, with bids totalling GH¢3.73 billion against a target of GH¢5.0 billion. Of the bids received, the government accepted GH¢3.26 billion.

The breakdown by bill type is as follows:

91-day bill: Bids tendered – GH¢2.23 billion; bids accepted – GH¢1.77 billion

182-day bill: Bids tendered – GH¢667.12 million; bids accepted – GH¢667.12 million
364-day bill: Bids tendered – GH¢831.41 million; bids accepted – GH¢831.41 million

The 91-day bill remained the most subscribed, accounting for 59.8% of total bids, but not all bids were accepted. Full uptake was recorded for the 182-day and 364-day bills.

Interest rates rose across the yield curve:

91-day bill: 4.78% (up 7 basis points)

182-day bill: 6.36% (up from 6.28%)

364-day bill: 9.58% (up 18 basis points)

The results indicate a slight pullback in investor appetite for short-term government instruments, while yields continue to trend upward.