Government borrowing on the money market continued to shoot up significantly, as it accepted 99.9% of the bids tendered by the investors for the just-ended Treasury bills auction.

The sale of the short-term securities was also oversubscribed by about 40% of the targeted amount of ¢1.834 billion, but once again the cost of borrowing has become a concern to many analysts and market watchers.

According to the auction by the Bank of Ghana, the government accepted a significant ¢2.56 billion from the bids submitted by the investors, largely the banks.

Yet again, majority of the bids came from the 91-day T-bills as ¢1.62 billion were tendered. All the bids were consequently accepted.

Also, almost all the ¢380.75 million of bids submitted for the 182-days T-bills were accepted.

Again, the ¢380 million bids submitted for the 364-day bill were taken.

Presently, the treasury market is the only source of borrowing for the government, a situation which has compelled the treasury to increase the borrowed amount despite the high-interest rates.

Meanwhile, interest rates continued to surge on the money market.

Whilst, the yield on the 91-day T-bill went up to 20.25%, from 19.94% that of the 182-day bill also inched up by 0.11% to 22.82%.

The rate for the 364-day bill stood at 27.36%.