The Government of Ghana has exceeded its Treasury bill target by GH¢550 million, according to the latest auction results released by the Bank of Ghana.

The Treasury had initially aimed to raise GH¢6.14 billion; however, total bids submitted reached GH¢7.26 billion. Despite the oversubscription, the government rejected bids amounting to GH¢570.64 million.

Breakdown figures from the auction reveal that GH¢5.32 billion in bids were tendered for the 91-day bill, of which GH¢5.21 billion was accepted.

The 182-day bill attracted GH¢1.56 billion in bids, with GH¢1.29 billion accepted. Meanwhile, the 364-day bill saw GH¢381 million tendered, but only GH¢192 million was accepted.

Interest rates across the yield curve remained relatively steady, with average rates ranging between 15% and 18%. The yield on the 91-day bill declined slightly to 15.32%, down from 15.45% the previous week.

Similarly, the 182-day bill fell to 16.03% from 16.18%, and the 364-day bill dropped to 18.37% from 18.62%. These trends reflect ongoing efforts by the government to lower its borrowing costs.

Looking ahead, the Treasury intends to raise GH¢6.32 billion in its next auction.