Interest rates fell for the third week running as demand for Treasury bills surged on the money market.

According to auction results by the Bank of Ghana, the government secured nearly 40% oversubscription of the T-bills sale.

The interest rate on the 91-day T-bill dropped marginally to 29.49% from 29.74% the previous week.

The same could also be said about the 182-day bill as the rate went down to 31.75% from the preceding week’s 31.87%.

That of the 364-day bill also declined to 33.23% from 33.46% previously.

Meanwhile, the government received ¢5.008 billion from the sale of the T-bills, ¢1.42 billion more than the targeted amount.

It however accepted ¢4.927 billion of the bids tendered.

About ¢3.307 billion came from the 91-day T-bill, representing 66.04% of the total transaction.

It was followed by the 364-day bill. All the ¢1,323 billion tendered by the investors largely banks were accepted.

For the 182-day bill, ¢377.05 million were tendered, but ¢375.89 million were accepted.