In the most recent treasury bill auction held on September 8, 2023, the government exceeded its set target.

The government was able to raise GH¢2.94 billion, surpassing the initial goal of GH¢2.601 billion, as interest rates continue to surge.

There is growing concern over the recent spike in interest rates because it implies that the government will need to allocate more resources to meet its financial obligations when the bills mature.

According to data from the Bank of Ghana, all bids submitted in this week's auction were oversubscribed, exceeding the target by GH¢343.71 million.

Currently, interest rates are fluctuating between 27.78% and 31.97%.

The 91-day and 182-day bills carry interest rates of 27.78% and 29.11%, respectively.

The interest rate for the 364-day bills has risen to 31.97%.

The 91-day bill received total subscriptions amounting to GH¢2.20 billion, with GH¢289.19 billion accepted for the 182-day bill, and GH¢415.78 million accepted for the 364-day bills.

For the upcoming auction, the government has set a target of GH¢3.75 billion.