Treasury bills were used by the government to borrow GH¢24 billion in February of this year.This exceeds its goal by 29.3%, according to a myjoyonline report.It added that the government made GH¢12.4 billion more than its two-month target.

"Investors submitted total bids worth GH¢24.1 billion (+8.8% month-on-month) while accepted bids were valued at GH¢24.0 billion (+8.9% mon-on-month), sustaining the government’s quest to build buffer for future auction shortfall as indicated in the 2024 budget," the news portal stated.

In January of this year, the government secured GH¢12.7 billion through T-bills to cover maturing bills, spanning durations of 91, 182, and 365 days.

Yields for the 91-day and 364-day bills in December 2023 saw a decrease by 14 basis points and 74 basis points month-on-month, settling at 29.4% and 32.5%, respectively.

Meanwhile, the 182-day bill witnessed a 19 basis points increase, reaching 31.9%.

Analysts' estimations reveal a 23% surge in cumulative excess uptake during the initial two months of 2024 compared to the same period in 2023.

During the first auction of 2024, the government successfully raised GH¢3.223 billion, exceeding the target by 15.24%.

Despite the elevated rates, the government consistently observed oversubscriptions in recent months, with only a few instances of slight undersubscriptions.