The government recorded about 19.5% oversubscription of its Treasury bills sale, latest result from the Bank of Ghana has revealed.

However, the cost of borrowing the domestic instrument went up for the 15^th consecutive week.

The auction was oversubscribed due to the relatively smaller target of ¢1.77 billion.

According to the result published by the Bank of Ghana, the government got about ¢2.12 billion from the sale of short-term instruments.

A chunk of the bids came from the 91-day T-bill, where ¢1.812 billion were mobilised. The government, however, accepted all the bids tendered.

Again, the government accepted all the ¢313.59 million tendered for the 182-day bill.

Meanwhile, interest rates continue to surge as the 3-month bill increased by 0.29% to 24.39%.

Also, the rate on the 182-day bill shot up to 26.40%, from the previous 26.02%.

Fast forward, analysts are concerned about the rising interest costs as it may affect the government’s quest to cut domestic interest payments.