The demand for the government’s short-term bonds continues to wane, with the central government experiencing an undersubscription of its treasury bills for the eighth consecutive week, dating back to July 5, 2024.

Despite a brief uptick in subscription rates during the last two auctions, Tender 1918 saw a setback, falling short of expectations. The 98.33% subscription rate in Tender 1917—the highest in seven weeks—had raised hopes for a turnaround.

Unfortunately, the government missed its target by nearly GH¢1 billion, raising GH¢4.094 billion, or 80.47% of the GH¢5.088 billion goal.

In addition, average interest rates have increased over the past week, with the 91-day, 182-day, and 364-day bills trading at 24.89%, 26.79%, and 27.91%, respectively. This rise is likely influenced by projections that inflation for August will also edge up.

Looking ahead, the government has set a GH¢5.604 billion target for the upcoming Tender 1919.

Below is a summary of results for Tender 1918: