The government has surpassed its Treasury bill target by GHS 550 million, according to the latest auction results from the Bank of Ghana.

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The initial target was GHS 6.14 billion, but total bids amounted to GHS 7.26 billion. Despite the oversubscription, the government chose to reject GHS 570.64 million in bids.

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For the 91-day Treasury bill, GHS 5.32 billion in bids were submitted, with GHS 5.21 billion accepted. The 182-day bill saw GHS 1.56 billion in bids, with GHS 1.29 billion accepted.

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Meanwhile, the 364-day bill had GHS 381 million in bids, with GHS 192 million accepted.

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Interest rates across all Treasury bills remained fairly steady, ranging from 15% to 18%. The yield on the 91-day bill decreased slightly to 15.32% from 15.45% the previous week.

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The 182-day bill yield dropped to 16.03% from 16.18%, and the 364-day bill yield fell to 18.37% from 18.62%.

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The ongoing decrease in interest rates reflects the government's efforts to reduce borrowing costs. For the next auction, the government plans to raise GHS 6.32 billion.

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