The government borrowed GH¢38.45 billion via treasury bills in January 2025.

This is against the GH¢40.57 billion offered by investors.

The Treasury had targeted GH¢28.41 billion in bills against GH¢31.14bn in maturities.

Meanwhile, Interest rates are expected to go down further as the government rejects high-interest bids for treasury bills.

The government is seeking to borrow GH¢7.23 billion via T-bills this week, significantly below upcoming maturities of GH¢9.06 billion

Databank Research said it expects continued bid rejections to support yield compression in the weeks ahead.

“We believe the marginal decline in yields reflects the Treasury’s firm stance in rejecting high-interest bids above its stop yield, signaling that it has sufficient buffers to meet demand”.

Last week, the government recorded an oversubscription of GH¢1.46 billion in its primary auction, despite rejecting GH¢1.37 billion of bids across the three money market instruments.

Total uptake reached GH¢7.99 billion, surpassing the target of GHS6.53 billion and maturities of GHS6.09 billion, respectively.

Yields on the 91, 182, and 364-day bills declined by 10 basis points, 17 basis points, and 4 basis points respectively.