The government recorded 47.5% oversubscription of treasury bills auction, the 4^th consecutive time this year.

According to data from the Bank of Ghana, the government got GH¢8.855 billion as against a target of GH¢6.0 billion.

The government however accepted GH¢8.163 billion.

A chunk of the funds will be used to finance maturing bills.

About GH¢4.896 billion came from the 91-day bill, representing 56.30% of total bids submitted.

However, GH¢4.479 billion were accepted.

The 182-day bill also witnessed bids worth GH¢1.758 billion tendered. About GH¢1.756 billion were accepted.

The 364-day bill received bids more than the 182-day bill with about GH¢2.110 billion tendered. GH¢1.927 billion were however accepted.

Meanwhile, the rising interest rates continued unabated, raising further concerns of the increasing cost of interest payments.

 The yield on the 91-day bill shot up by 10 basis points to 28.51%.

That of the 182-day bill also increased to 29.77% from the earlier 28.97%.

The rate on the 364-day bill also increased by 23 basis points to 30.40%.