Government has for the 3rd consecutive week missed its target for the weekly auction of treasury bills.

Government at the end of tender 1913 held on Friday, July 26th and to be issued today July 29th raised a little over four billion and sixty-two million Ghana Cedis (GH¢ 4.062 bn), a 15% undersubscription of the four billion, seven hundred and seventy-nine Ghana Cedis (GH¢ 4.779 bn) target set.

This despite being an improvement from the 27% undersubscription recorded in the previous auction Tender 1912 is still worse off than the auction result two weeks where Gov’t missed its GH¢4.7 bn target by 5%

In the just ended auction, government accepted all bills tendered comprising GH¢ 2.404 bn 91-day, GH¢ 1.179 bn 182-day and GH¢ 477.58m 364-day bills indicating a low appetite for longer term investments.

Cumulatively in the month of July, government fell short of its GH¢18.075 bn target by about 13%, as it raised only GH¢15.76 bn, creating a financing gap of GH¢2.298 billion.

Interest rates have however remained relatively stagnated in the month of July, with the 91, 182 and 364 day bill selling at at 24.78%, 26.74% and 27.85% in the month of July.

Government is seeking to raise GH¢ 4.363 bn in its first treasury bill auction in August.