In spite of the increasing interest rates, the latest treasury bills auction conducted by the government witnessed a remarkable oversubscription of 19.58%.

The auction successfully raised a total of GH¢2.13 billion from the 91-day and 182-day bills.

According to the results released by the Bank of Ghana, all the bills tendered during the auction were accepted.

Interest rates have climbed to 24.68% for the 91-day bill and 26.4% for the 182-day bill.

The initial target set for the auction was GH¢1.778 billion.

On the other hand, no bids were submitted for the 364-day bills.

For the 91-day bill, bids worth GH¢1.81 billion were accepted, while the 182-day bill accepted bids worth GH¢313.59 million.

Despite the upward trend in interest rates, the government has set an ambitious target of GH¢2.664 billion for its next auction.