Govt misses T-Bill target by GH¢800million in latest auction

Government fell short of its Treasury bill target in the latest auction, raising GH¢4 billion against a projected GH¢4.89 billion, leaving a deficit of about GH¢800 million.

The shortfall was recorded in Tender 2003, which covered the 91-day, 182-day and 364-day instruments, according to results released by the Bank of Ghana and copied to the Ghana News Agency.

The 91-day bill attracted bids worth GH¢2.56 billion, with GH¢2.54 billion accepted at interest rates ranging between 4.5 and 5.0 per cent.

For the 182-day bill, investors submitted GH¢771 million in bids, out of which GH¢758 million was accepted at rates between 6.48 and 6.95 per cent.

The 364-day bill recorded total bids of GH¢1.16 billion, but only GH¢790 million was accepted, with rates ranging from 8.5 to 9.39 per cent.

The weighted average discount rates for the week ending April 24 stood at 4.89 per cent for the 91-day bill, 6.68 per cent for the 182-day bill and 9.20 per cent for the 364-day bill.

Meanwhile, the central bank has set a new target of GH¢4.485 billion for the next auction, Tender 2004, scheduled for later in April.