Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
The Government of Ghana turned down more than GH¢2.59 billion in bids at its latest Treasury auction, despite falling short of its GH¢6.68 billion target, deepening concerns over waning investor appetite for domestic debt.
Total bids submitted for the short-term instruments amounted to GH¢5.35 billion, some GH¢1.33 billion below the auction target, marking the third straight week of undersubscription Analysts say the persistent shortfalls suggest heightened investor caution, particularly amid declining yields.
The auction was heavily tilted towards the 91-day Treasury bill, which attracted GH¢ 4.36 billion in bids. However, only GH¢ 2.09 billion was accepted.
Investor demand for the 182-day and 364-day tenors also remained subdued, with the government accepting GH¢513 million and GH¢154 million out of the GH¢731 million and GH¢270 million bids tendered, respectively, for the maturities.
Source: newsthemegh.com