The government has for the fifth consecutive time missed its Treasury auction target as the Treasury recorded another undersubscription.

Auction results from the Bank of Ghana (BoG) show that the government raised GH¢3.9 billion across all tenors, well below the GH¢5.7 billion target.

Yields on government short-term securities rose marginally at the latest auction.

The 91-day bill cleared at 11.02 percent, the 182-day settled at 12.66 percent, while the 364-day increased to 13.08 percent.

The 182-day bill attracted GH¢613 million, with GH¢608 million accepted, while the 364-day bill drew GH¢257 million, of which GH¢254 million was accepted.

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Market watchers attribute the consistent undersubscription to strong investor demand for the BoG’s bills, which are currently performing well above returns on conventional government securities.

Moving forward, the government is seeking to raise GH¢6.42 billion across the three short-term maturities in its next auction.

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