Latest auctioning by the Bank of Ghana according to Joy News indicated that T-bills auction was oversubscribed for the 11th consecutive week by 56 per cent, largely due to the high yields.

Interest rates on the yield curve continued to rise as investors focused on the short-term securities in the primary market for re-pricing benefits.

However, the yields are still lower than the current inflation rate of 31.7 per cent, indicating that the real return on Treasury securities for investors is still negative.

Whilst the 91-day T-bill went for 28.6 per cent, from the previous week’s 27.7 per cent, that of the 6-month traded at 29.94 per cent, compared with 29.2 the past week.

The one-year bill however went for 29.5 per cent lower than the six months bill.

Meanwhile, the government secured ¢1.83 billion from the sale of the short term securities, against a target of ¢1.16 billion.