The government’s four-week streak of oversubscription in its treasury bill auctions has come to an end, as it raised only 83% of its targeted amount in the most recent auction held on Friday, November 15.

In Tender 1929, the government had aimed to raise GH¢ 6.228 billion from the issuance of treasury bills, which remain the only available domestic financing source in line with the IMF program. However, the auction resulted in the government raising only GH¢ 5.18 billion, falling short by GH¢ 1.047 billion.

The 91-day bills remained the most popular option, with the government selling GH¢ 3.94 billion worth of them. Meanwhile, the 182-day and 364-day bills brought in GH¢ 653.43 million and GH¢ 584.16 million, respectively.

Despite the undersubscription, the cost of the bills continues to rise. The 91-day bills sold at an average rate of 26.9693%, approaching the 27% mark not seen since February of this year. The 182-day and 364-day bills sold at average rates of 27.7876% and 29.2178%, respectively.

In response to these developments, the government has once again revised its target for the upcoming auction, now hoping to raise GH¢ 6.896 billion in Tender 1930.

Meanwhile, Finance lawyer Jonathan Amable has petitioned the Supreme Court of Ghana to restrain the government from issuing new treasury bills, citing breaches of constitutional provisions related to the procurement of loans.