Interest rates plummeted again as investor demand for treasury bills continued to rise on the money market.

According to auction results by the Bank of Ghana, the yield on the 91-day bill fell by a significant 308 basis points to 17.71%.

Similarly, that of the 182-day bill also dropped to 18.96% from the previous week’s 22.98%.

The rate on the 364-day bill also fell by 271 basis points to 19.98%.

The significant fall in interest rates is a huge win for the government as domestic interest payments decline.  

Meanwhile, the government recorded a 79.61% oversubscription of the T-bills sale.

It rejected GH¢4.56 billion of the overall total bids tendered.

Total bids by investors were estimated at GH¢10.30 billion as against a target of GH¢5.73 billion.

The Treasury accepted GH¢.6.22 billion of the bids tendered.

The 91-day bills received the highest bids worth GH¢6.009 billion tendered. The uptake was GH¢4.43 billion cedis.

For the 182-day bill, GH¢2.89 billion were tendered. About GH¢842 million were accepted.

The one-year bill received bids worth GH¢1.404 billion. The government only took GH¢947 million of the bids.