The government turned down GH¢873.94 million worth of bids for Treasury bills, even though investors submitted GH¢4.27 billion when the goal was only GH¢3.80 billion.
The results from the most recent auction show that the government took GH¢3.39 billion of the bids that were offered, which means a lot of what investors wanted to invest didn’t get accepted.
The 91-day bill was the most popular, with investors bidding GH¢2.86 billion. Out of that, GH¢2.55 billion got approved at a 4.61% yield.
For the 182-day bill, investors put in GH¢533.28 million in bids, and the government approved GH¢420.66 million at a 6.29% yield.
The 364-day bill had GH¢873.69 million in bids, with GH¢420.24 million being accepted. The yield for this one was 9.67%.
Based on the auction results, the government accepted roughly 79.5% of all the bids that came in, but the amount they accepted was still about GH¢407.34 million short of their GH¢3.8 billion target.
The fact that bids were rejected shows that the government didn’t take all the money investors were offering, and the auction didn’t reach its goal either.