The government has once again exceeded its Treasury bill target, raising an additional GHS 514 million.
According to the latest auction results from the Bank of Ghana, the target was GHS 8.26 billion, but total bids amounted to GHS 8.77 billion, marking an oversubscription of 6.22%.
The full GHS 6.2 billion tendered for the 91-day Treasury bill was accepted, while the 182-day bill attracted GHS 1.83 billion in bids, with GHS 1.80 billion accepted.
The 364-day bill saw GHS 1.2 billion tendered, but only GHS 746 million was accepted.
Interest rates on Treasury bills have continued to decrease, now averaging between 15% and 18%. The 91-day bill saw a reduction of 186 basis points, settling at 15.88%. The 182-day bill dropped by 204 basis points to 16.93%, and the 364-day bill fell by 101 basis points to 17.98%.
The pace of this rate decline appears to be slowing as the government seeks to reduce its borrowing costs. In the upcoming auction, the Treasury aims to raise GHS 6.14 billion.
