Interest rates continued to fall on the treasury market for the second week running as investors intensify their attention to the short-term securities, following the debt exchange programme.

However, this is due to the debt exchange programme which has compelled some investors to move from the debt market.

But the declining interest rates are good for the government as its borrowing costs are expected to decrease. This would improve its fiscal position if the trend conbtinues.

While the yield on the 91-day Treasury bill went down by 0.66% to 35.58%, that of the 182-day Treasury bill also declined to 36.03%, from 36.58% the previous week. The 364-day also went for a price of 36.10%.

Meanwhile, the government secured a 98.1% oversubscription of its target for the weekly Treasury bills sale, according to data from the Bank of Ghana.

It mobilised a total of ¢3.93 billion from the auction of the short-term securities.

For the 91-day T bill, ¢2.404 billion of the bids were tendered. The government however accepted ¢2.393 billion of the bids

¢779 million and ¢747 million cedis were, however, the bids tendered for the 6-months and one-year T-bills respectively.

The government however accepted ¢691.43 million and¢586.83 million respectively.

Below is the auction results published by the Bank of Ghana

Securities	Bids Tendered (GH¢)	Bids Accepted (GH¢)
91 Day Bill	2.404 billion	2.393 billion
182 Day Bill	779.31 million	691.43 million
364-Day Bill	747.06 million	586.83 million
Total	3.93 billion	3.671 billion
Target	1.984 billion	1.984 billion