The government has fallen significantly short of its ambitious target for treasury bill sales, missing by a substantial GH¢2.671 billion, according to the latest auction results from the Bank of Ghana.

The sale of short-term instruments resulted in an undersubscription of 35.9%, with the government managing to raise just GH¢4.767 billion (64.1%) of the GH¢7.438 billion it had aimed to secure.

The funds were intended to settle maturing debt and finance key projects.

All submitted bids were accepted, with the majority of funds—about GH¢2.59 billion or 54.5% of the total—coming from 91-day treasury bills.

The 364-day bill followed, contributing an estimated GH¢1.33 billion, while the 182-day bill brought in a little over GH¢830 million.

At the same time, interest rates climbed across the yield curve.

The yield on the 91-day bill rose by 63 basis points to 25.64%, while the 182-day bill increased slightly to 26.92% from the previous week’s 26.81%.

The 364-day bill saw a rise of 66 basis points, reaching 28.67%.