Government exceeded its treasury bills target by over 13 percent to the tune of ¢2.94 billion, but interest rates continued to surge disturbingly.

According to the latest auction by the Bank of Ghana, interest rates reached almost 32%.

The target for this auction was ¢2.601 billion, but the bids tendered were ¢2.944 billion.

About ¢2.907 billion were accepted. Majority of the bids came from the 91-day bill in which about ¢2.206 billion were tendered.

However, the government accepted ¢2.202 billion.

For the 182-day bill, a little above ¢322 million were offered, but the government accepted ¢289.19 million.

With regard to the one year bill, all the bids worth ¢415.78 million tendered were accepted.

Meanwhile, the interest rate on the three-month bill jumped to 27.78%, from 27.36% the previous week. That of the 6-month bill went up by 0.40%.

The 364-day yield also surged to 31.97%, from the past week’s 31.65%.