The government will borrow ¢2.91 billion across the 91-day to 364-day treasury bills this week.

The proceeds from the auction will partly be used to refinance upcoming maturities estimated at ¢1.74 billion.

There is the belief by market watchers that the significant difference between the maturing bills and the auction target could signal the government’s need for funds.

Analysts however expect yields to rise.

Last week, the T-bill auction garnered substantial investor participation, with total bids of ¢2.30 billion surpassing the gross target.

The successful bids reached GH¢2.28bn, signaling a recovery in demand, though the target amount was lower than previous weeks.

According to the auction result, the 91-day T-bill recorded the biggest jump in interest rates, as the yield shot up by 1.27% to 22.97%.

For the 364-day T-bill, the yield went up by 0.34% to 29.25%.

That of the 182-day bill also went up to 25.44%, from 24.97% recorded the previous week.

Meanwhile, the 91-day bill recorded the biggest uptake of 81.7% of the total T-bills subscription.

About ¢1.879 billion was offered by the investors in which the government accepted ¢1.861 billion.

For the 182-day T-bills, the government secured ¢304.16 million.

About ¢115.7 million was tendered by the investors for the 364-day bill in which the government accepted ¢112.60 million.