Government at the end of its weekly auction of treasury bills last Friday, July 12th raised some GH¢ 4.488 bn (four billion, four hundred and eighty-eight million cedis), a 5% undersubscription of the GH¢4.721 bn (four billion, seven hundred and twenty one million cedis) target it had set for the tender 1911.

Government has seen a reversal in performance, after it recorded over-subscriptions in the last 3 auction. This was despite accepting all bids made comprising GH¢ 3.54 bn worth of 91 Day Bills, GH¢ 782m in 182 Day bills and GH¢ 165.36m in 364 day bills.

The underperformance also resulted in a stagnation of average interest rate of the bills. The 91 day and 182 day bills sold for and average 24.7899% and 26.7468% respectively; the same average rates they sold for at the close of tender 1910. The average rate for the 364 day bill on the other hand rose marginally from 27.7878% to 27.7880%.

Government for the next auction tender 1912 is seeking to raise a total of GH¢ 5.31 billion.