The Government of Ghana last Friday at its weekly auction of treasury bills, exceeded it auction target by 29.81% as it raised GH¢3.528 billion out of the GH¢2.718 target it had set for the tender 1905.

The GH¢2.718 target was the lowest target in 8 weeks a move believed to ensure rates remained stable and create balanced market dynamics as demand for short-term liquidities kept falling in recent weeks as government recorded a meagre 0.7% oversubscription for tender 1903 and an undersubscription of 15.4% in tender 1904.

Government despite accepting all bids tendered for the 182-day and 364-day bills of GH¢ 608.41 million & GH¢ 201.49 million accepted GH¢ 2.710 billion out of the GH¢ 2.715 91-day treasury bills tendered.

Rate of yields have continued their slow marginally decrease, with the 91, 182 and 364-day yields falling from 25.10%, 26.95% and 27.95% in tender 1904 to 25.04%, 26.92% and 27.91% respectively possibly fueled by the relatively low target and high oversubscription.

Government for the next auction and first in June, tender 1906, scheduled for Friday June 7, has revised upward its target to GH¢ 4.4 bn.