Government missed its Treasury bills auction target for the third week running, but liquidity improved comparatively to the past two weeks.
The government secured ¢1.23 billion against a target of ¢1.316 billion, about 6% under-subscription.
Though the government missed the target marginally, it was seeking to raise ¢1.124 billion across the 91-day to 364-day bills to refinance the T-bill maturities of ¢1.003 billion.
According to the auction results from the Bank of Ghana, the bids tendered in were estimated at ¢1.23 billion. All the bids were however accepted.
Chunk of the bids came from the 91-day treasury bills, as ¢1.073 billion were tendered in. The 182-day treasury bills also received bids worth ¢141.41 million.
According to data from the Bank of Ghana, the interest rate on the 182-day T-bill hit 34.85%, from 34.2% the previous week.
That of the 91-day bill also surged by 0.70% to 33.34%. The one-year bill sold at a rate of 34.85%, from 33.35% the prior week.
Despite a surging interest rates, there is still a negative real return between interest rates and inflation.
Inflation (September 2022) is presently hovering around 37.2%
| Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) |
| 91 Day Bill | 1.073 billion | 1.073 billion |
| 182 Day Bill | 141.41 million | 141.41 million |
| 365 Day Bill | 21.73 million | 21.73 million |
| Total | 1.236 billion | 1.236 billion |
| Target | 1.316 billion | 1.316 billio |
Source: Myjoyonline
