The government’s short-term borrowing efforts came under renewed strain last week, falling short of its Treasury bill target by 30%.

It raised GH¢4.76 billion against a planned GH¢6.82 billion, leaving a gap of GH¢2.06 billion.

According to data from the Bank of Ghana, all bids submitted were accepted despite the shortfall, signalling the Treasury’s growing urgency to meet near-term financing needs.

Investor interest was strongest in the 91-day bill, which attracted GH¢4.87 billion in bids all taken up.

The 182-day bill followed with GH¢785 million, while the 364-day bill saw GH¢487 million in bids. Both were fully accepted.

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Market analysts say the missed target reflects deepening pressure on the government’s domestic financing strategy, with recent auctions consistently underperforming.

“This may explain the Treasury’s decision to ramp up its acceptance of bids in an effort to bridge the funding gap ahead of the November budget presentation,” Databank Research observed.

Yields across the short-term curve showed mixed investor sentiment. The 91-day bill dipped slightly to 10.67%, the 182-day bill rose to 12.46%, and the 364-day bill fell to 12.87%.

Analysts say the yield movements suggest caution among investors, as uncertainty over fiscal adjustments and the upcoming budget continues to weigh on confidence.

The next auction, set for this week, aims to raise GH¢5.32 billion, a key test of investor appetite as the year winds down.

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