Government in its Treasury Bill auction last Friday (Tender 1909), recorded an oversubscription of 12.77% as it sold bills worth GH¢2.9953 billion compared to its auction target of GH¢ 2.656 billion.

This would be the second consecutive week it is recording an oversubscription of its treasury bills auction, after it missed its target by 1.355% two weeks ago, when interest rates fell below 25% for the first time since July 2023.

Of the GH¢2.9953 billion raised, government accepted all GH¢ 2.358 billion worth of 91 day bills and GH¢ 64.31 million worth of 364 days bills tendered. On the other hand, out of the GH¢ 573.45 182 Day Bill tendered, government accepted GH¢ 572.92 million.

Interest rates have also seen their downward slide stagnate as the average rates for the 91-182 and 364 days bills bid at 24.8677%, 26.8011% and 27.7878% respectively compared to the average, 24.8675%, 26.8017% and 27.7878% they sold respectively in tender 1908.

Government for the tender 1910, whose auction occurs this Friday July 5, has revised upward its target, seeking to raise GH¢ 3.247 billion in bills.