{"id":12829,"date":"2025-08-25T07:50:48","date_gmt":"2025-08-25T07:50:48","guid":{"rendered":"https:\/\/trendzgh.net\/?p=12829"},"modified":"2025-08-25T07:50:47","modified_gmt":"2025-08-25T07:50:47","slug":"government-misses-treasury-bills","status":"publish","type":"post","link":"https:\/\/trendzgh.net\/index.php\/2025\/08\/25\/government-misses-treasury-bills\/","title":{"rendered":"Government Misses Treasury Bills Target for Third Consecutive Week as Interest Rates Rise"},"content":{"rendered":"<p data-start=\"300\" data-end=\"569\">The Government of Ghana has once again missed its treasury bills (T-bills) target, marking the third consecutive week of undersubscription, as investors continue to favor high-yielding financial instruments such as fixed deposits.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/trendzgh.net\/index.php\/2025\/08\/25\/government-misses-treasury-bills\/#T-Bills_Undersubscribed_by_Nearly_10\" >T-Bills Undersubscribed by Nearly 10%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/trendzgh.net\/index.php\/2025\/08\/25\/government-misses-treasury-bills\/#Interest_Rates_Adjust_as_Investor_Sentiment_Shifts\" >Interest Rates Adjust as Investor Sentiment Shifts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/trendzgh.net\/index.php\/2025\/08\/25\/government-misses-treasury-bills\/#Investor_Preference_Tilts_Towards_Higher_Yields\" >Investor Preference Tilts Towards Higher Yields<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/trendzgh.net\/index.php\/2025\/08\/25\/government-misses-treasury-bills\/#Outlook_for_Ghanas_Debt_Financing\" >Outlook for Ghana\u2019s Debt Financing<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"571\" data-end=\"613\"><span class=\"ez-toc-section\" id=\"T-Bills_Undersubscribed_by_Nearly_10\"><\/span>T-Bills Undersubscribed by Nearly 10%<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"614\" data-end=\"840\">According to the latest auction results from the <a href=\"https:\/\/www.myjoyonline.com\/t-bills-auction-government-misses-target-ago-interest-rates-go-up\/#google_vignette\" target=\"_blank\" rel=\"noopener\"><strong data-start=\"663\" data-end=\"686\">Bank of Ghana (BoG)<\/strong><\/a>, total bids tendered amounted to <strong data-start=\"720\" data-end=\"740\">GH\u00a25.817 billion<\/strong>, but the government accepted <strong data-start=\"770\" data-end=\"790\">GH\u00a25.754 billion<\/strong>, falling short of its target by almost <strong data-start=\"830\" data-end=\"837\">10%<\/strong>.<\/p>\n<p data-start=\"842\" data-end=\"987\">The <strong data-start=\"846\" data-end=\"861\">91-day bill<\/strong> dominated demand, accounting for <strong data-start=\"895\" data-end=\"915\">GH\u00a24.049 billion<\/strong> of the bids submitted, with <strong data-start=\"944\" data-end=\"964\">GH\u00a24.029 billion<\/strong> eventually accepted.<\/p>\n<p data-start=\"989\" data-end=\"1101\">For the <strong data-start=\"997\" data-end=\"1013\">182-day bill<\/strong>, investors tendered <strong data-start=\"1034\" data-end=\"1054\">GH\u00a21.337 billion<\/strong>, of which <strong data-start=\"1065\" data-end=\"1085\">GH\u00a21.327 billion<\/strong> was accepted.<\/p>\n<p data-start=\"1103\" data-end=\"1214\">On the longer-term <strong data-start=\"1122\" data-end=\"1138\">364-day bill<\/strong>, bids reached <strong data-start=\"1153\" data-end=\"1174\">GH\u00a2430.38 million<\/strong>, with <strong data-start=\"1181\" data-end=\"1202\">GH\u00a2397.82 million<\/strong> taken up.<\/p>\n<h2 data-start=\"1216\" data-end=\"1271\"><span class=\"ez-toc-section\" id=\"Interest_Rates_Adjust_as_Investor_Sentiment_Shifts\"><\/span>Interest Rates Adjust as Investor Sentiment Shifts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1272\" data-end=\"1370\">The undersubscription has been accompanied by a rise in interest rates on short-term securities.<\/p>\n<ul data-start=\"1372\" data-end=\"1667\">\n<li data-start=\"1372\" data-end=\"1454\">\n<p data-start=\"1374\" data-end=\"1454\">The <strong data-start=\"1378\" data-end=\"1399\">91-day bill yield<\/strong> climbed by <strong data-start=\"1411\" data-end=\"1430\">28 basis points<\/strong>, reaching <strong data-start=\"1441\" data-end=\"1451\">10.41%<\/strong>.<\/p>\n<\/li>\n<li data-start=\"1455\" data-end=\"1556\">\n<p data-start=\"1457\" data-end=\"1556\">The <strong data-start=\"1461\" data-end=\"1483\">182-day bill yield<\/strong> rose slightly to <strong data-start=\"1501\" data-end=\"1511\">12.38%<\/strong>, compared to <strong data-start=\"1525\" data-end=\"1535\">12.23%<\/strong> the previous week.<\/p>\n<\/li>\n<li data-start=\"1557\" data-end=\"1667\">\n<p data-start=\"1559\" data-end=\"1667\">In contrast, the <strong data-start=\"1576\" data-end=\"1598\">364-day bill yield<\/strong> declined marginally by <strong data-start=\"1622\" data-end=\"1640\">8 basis points<\/strong>, settling at <strong data-start=\"1654\" data-end=\"1664\">13.00%<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<h2 data-start=\"1669\" data-end=\"1721\"><span class=\"ez-toc-section\" id=\"Investor_Preference_Tilts_Towards_Higher_Yields\"><\/span>Investor Preference Tilts Towards Higher Yields<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1722\" data-end=\"1951\">Market analysts suggest that investor appetite is shifting toward instruments with <strong data-start=\"1805\" data-end=\"1837\">better risk-adjusted returns<\/strong>, such as fixed deposits and medium-term securities, reducing participation in short-term government securities.<\/p>\n<p data-start=\"1953\" data-end=\"2179\">The government\u2019s reliance on <strong data-start=\"1982\" data-end=\"2027\">T-bills to finance short-term obligations<\/strong> has faced increasing pressure as investors demand <strong data-start=\"2078\" data-end=\"2096\">higher returns<\/strong> to compensate for inflation risks and uncertainties in the economic environment.<\/p>\n<h2 data-start=\"2181\" data-end=\"2220\"><span class=\"ez-toc-section\" id=\"Outlook_for_Ghanas_Debt_Financing\"><\/span>Outlook for Ghana\u2019s Debt Financing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2221\" data-end=\"2523\">With yields trending upward, the government may face <strong data-start=\"2274\" data-end=\"2303\">increased borrowing costs<\/strong> in the coming weeks if undersubscription persists. Analysts caution that unless confidence in the fiscal outlook improves, demand for T-bills may remain sluggish, compelling the government to adjust its debt strategy.<\/p>\n<p data-start=\"2221\" data-end=\"2523\">\n<p data-start=\"2221\" data-end=\"2523\">Source: <a href=\"https:\/\/trendzgh.net\/\">Trendz Gh<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government of Ghana has once again missed its treasury bills (T-bills) target, marking the<\/p>\n","protected":false},"author":1,"featured_media":12830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-12829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"featured_image_urls":{"full":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",657,424,false],"thumbnail":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill-150x150.png",150,150,true],"medium":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill-300x194.png",300,194,true],"medium_large":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",640,413,false],"large":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",640,413,false],"1536x1536":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",657,424,false],"2048x2048":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",657,424,false],"chromenews-featured":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",657,424,false],"chromenews-large":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill.png",657,424,false],"chromenews-medium":["https:\/\/trendzgh.net\/wp-content\/uploads\/2025\/08\/bill-590x410.png",590,410,true]},"author_info":{"display_name":"C.power","author_link":"https:\/\/trendzgh.net\/author\/alimasalifu94\/"},"category_info":"<a href=\"https:\/\/trendzgh.net\/index.php\/category\/finance\/\" rel=\"category tag\">Finance<\/a>","tag_info":"Finance","comment_count":"0","_links":{"self":[{"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/posts\/12829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/comments?post=12829"}],"version-history":[{"count":1,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/posts\/12829\/revisions"}],"predecessor-version":[{"id":12831,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/posts\/12829\/revisions\/12831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/media\/12830"}],"wp:attachment":[{"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/media?parent=12829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/categories?post=12829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trendzgh.net\/index.php\/wp-json\/wp\/v2\/tags?post=12829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}