The government failed to meet its treasury bills target last week, as demand was moderate. According to auction results by the Bank of Ghana, the short-term instruments were undersubscribed by 5.9%.Investors bought T-bills worth a little over GH¢4.21 billion, as against a target of GH¢4.48 billion. The government, however, accepted about GH¢3.9 billion of the bids.The 91-day bill was once again the most subscribed bill, as GH¢2.52 billion of the bids were tendered, representing 59.8% of the total bids. The uptake was, however, GH¢2.51 billion.The 182-day bill recorded bids of GH¢877.72 million. A little above GH¢723 million was accepted.For the 364-day bill, GH¢ 817.12 million of the bids were tendered. About GH¢ 699 million of the bids were accepted.Meanwhile, interest rates declined across the yield curve.The yield on the 91-day bill went down by 1.0 basis points to 4.91%.That of the 182-day bill, however, remained unchanged at 7.04%.On the other hand, the yield on the 364-day dropped by 2.0 basis points to 10.37%.SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)91 Day Bill 2.52bn2.51bn182 Day Bill877.72m723.5m364 Day Bill817.12m699.62m Total4.22bn3.93bnTarget4.486bn