The average borrowing rates for the government in the treasury market have risen once again, even as it recorded an oversubscription for the third consecutive week.

In Tender 1926, held last Friday, the government improved upon the 3.97% oversubscription from Tender 1925, raising a total of GH¢ 4.421 billion, surpassing its GH¢ 3.980 billion target by 11.09%.

Demand for longer-term treasuries remains relatively weak, with the government only raising GH¢ 276.32 million in 364-day bills, accounting for just 6.25% of the total sold. In contrast, appetite for 91-day bills is strong, with GH¢ 3,188.1 million sold, representing over 70% of the total amount raised. The 182-day bills made up the remaining sales, totaling GH¢ 957.67 million.

Despite these positive results, the government is still grappling with rising interest rates, as the 91-day bills exceeded the 26% mark and the 364-day bills approached 29% in the latest auction.

In light of these figures, the government has raised its target for Tender 1927 to GH¢ 4.010 billion.

Attached is a summary of tender 1926.