The government failed to meet its treasury bills target last week after demand for the short-term instruments fell below expectations.

According to auction results released by the Bank of Ghana, the auction was undersubscribed by 5.9%.

Investors submitted bids worth a little over GH¢4.21 billion against a target of GH¢4.48 billion. Out of the total bids, the government accepted about GH¢3.9 billion.

The 91-day bill recorded the highest demand, attracting GH¢2.52 billion in bids, representing 59.8% of total bids submitted. The government accepted about GH¢2.51 billion.

The 182-day bill received bids worth GH¢877.72 million, with a little over GH¢723 million accepted.

For the 364-day bill, investors tendered bids worth GH¢817.12 million, out of which about GH¢699 million was accepted.

Interest rates declined across the yield curve.

The yield on the 91-day bill fell by 1.0 basis point to 4.91%, while the 182-day bill remained unchanged at 7.04%.

The yield on the 364-day bill also declined by 2.0 basis points to 10.37%.